Federal Realty OP LP: debt financing — Federal Realty OP LP issues $485M 3.25% exchangeable notes due 2029, enters capped calls

Federal Realty OP LP

Issued $485M (incl. $60M greenshoe) of 3.25% exchangeable senior notes due Jan 2029, sold in private placement.
Notes exchangeable into FRT common shares at $122.80 per share, subject to adjustment; cash settlement with optional stock/cash excess.
Entered capped call transactions to reduce dilution; cap price ~$143.26 per share (40% premium over Jan 8 close of $102.33).
Net proceeds to repay indebtedness and general corporate purposes; may temporarily reduce revolver.
Registration rights agreement to register shares issuable upon exchange; additional interest if registration delayed.

item 1.01 item 8.01 item 2.03 item 3.02 item 9.01

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

Federal Realty OP LP incurred senior notes maturing due 2029.

Instrument: senior notes
Maturity: due 2029
Event: incurrence

Exact text from the filing

The information set forth below under the heading “3.25% Exchangeable Senior Notes due 2029” in Item 8.01 is incorporated by reference under this Item 2.03.

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Source: SEC EDGAR

accession 0001193125-24-006607

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