STORE CAPITAL LLC: debt financing — STORE Capital closes $548M securitization of net-lease mortgage notes

STORE CAPITAL LLC

Issued $548M in three classes: $346M Class A-1 at 6.19%, $182M Class A-2 at 6.92%, $20M Class B at 7.88%.
Weighted average note rate on Class A notes is 6.44%; notes rated AAA(sf), A+(sf), BBB(sf) by S&P.
Net proceeds from Class A sale used to repay certain indebtedness and pay issuance fees/expenses.
Notes issued by eleven bankruptcy-remote, wholly owned subsidiaries; guaranteed by STORE Capital.
Notes are secured by assets of issuers; governed by Ninth Amended and Restated Master Indenture.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

STORE CAPITAL LLC incurred senior notes of $548,000,000 aggregate principal amount with SMBC Nikko Securities America, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. at weighted average note rate of the Class A Notes was 6.44% maturing May 2028.

Instrument: senior notes
Principal: $548,000,000 aggregate principal amount
Counterparty: SMBC Nikko Securities America, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc.
Rate: weighted average note rate of the Class A Notes was 6.44%
Maturity: May 2028
Event: incurrence

Exact text from the filing

completed the issuance of $548,000,000 aggregate principal amount of STORE Master Funding Net-Lease Mortgage Notes, Series 2023-1

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

STORE CAPITAL LLC entered into Note Purchase Agreement with SMBC Nikko Securities America, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. valued at $548,000,000 aggregate principal amount (effective 2023-05-22).

Action: entry
Agreement: notes offering
Counterparty: SMBC Nikko Securities America, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc.
Value: $548,000,000 aggregate principal amount
Effective: 2023-05-22

Exact text from the filing

Notes in the aggregate principal amount of $528,000,000 were issued to qualified institutional investors (the “ Class A Notes ”). The remaining Notes, in the aggregate principal amount of $20,000,000, were issued to an affiliate of the Company (the “ Class B Notes ”). The Notes were issued pursuant to a Note Purchase Agreement, entered into on May 22, 2023 (the “ Note Purchase Agreement ”) among the Company and the Issuers, and SMBC Nikko Securities America, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. (together, the “ Initial Purchasers ”).

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Source: SEC EDGAR

accession 0001193125-23-159931

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