STORE CAPITAL LLC: debt financing — STORE Capital closes $450M securitization at 5.76% weighted average rate, redeems $186.5M of existing notes

STORE CAPITAL LLC

Issued $450M in four classes: $335M AAA-rated (5.69% 5-yr, 5.70% 7-yr) and $115M AA-rated (5.93% 5-yr, 5.94% 7-yr).
Weighted average coupon 5.76%; net proceeds used to redeem $186.5M of existing Master Funding notes and fund growth.
Transaction upsized from $250M to $450M due to oversubscription; AAA credit spreads narrowed by 110 bps to 140 bps.
Thirteenth issuance under STORE's Master Funding program; eight new investors participated.
CEO Mary Fedewa noted achievement in extending and laddering debt maturities.

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 $450,000,000 aggregate principal amount with qualified institutional investors at 5.76% (weighted average coupon rate) maturing April 2031.

Instrument: senior notes
Principal: $450,000,000 aggregate principal amount
Counterparty: qualified institutional investors
Rate: 5.76% (weighted average coupon rate)
Maturity: April 2031
Event: incurrence

Exact text from the filing

completed the issuance of $450,000,000 aggregate principal amount of STORE Master Funding Net-Lease Mortgage Notes, Series 2024-1

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STORE CAPITAL LLC entered into Note Purchase Agreement with ATLAS SP Securities, a division of Apollo Global Securities, LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Truist Securities, Inc., Capital One Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc valued at $450,000,000 aggregate principal amount (effective 2024-04-05).

Action: entry
Agreement: notes offering
Counterparty: ATLAS SP Securities, a division of Apollo Global Securities, LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Truist Securities, Inc., Capital One Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc
Value: $450,000,000 aggregate principal amount
Effective: 2024-04-05

Exact text from the filing

On April 18, 2024, STORE Capital LLC, a Delaware limited liability company (the “ Company ”), completed the issuance of $450,000,000 aggregate principal amount of STORE Master Funding Net-Lease Mortgage Notes, Series 2024-1 (the “ Notes ”) by STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, STORE Master Funding XIV, LLC, STORE Master Funding XIX, LLC, STORE Master Funding XX, LLC, STORE Master Funding XXII, LLC and STORE Master Funding XXIV, LLC (together, the “ Issuers ”).

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316 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-24-108701

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