Essential Properties issues $517.5 million in 4.375% exchangeable senior notes due 2032
EPRT•Essential Properties issued $517.5 million of exchangeable senior notes, including $67.5 million from the full exercise of the initial purchasers’ option. The notes carry 4.38% annual interest, mature on January 15, 2032, and have an initial exchange price of about $30.88 per share.
1. Note issuance
Essential Properties Realty Trust’s subsidiary Essential Properties issued $517.5 million of exchangeable senior notes on October 30, 2026. The issuance included $67.5 million from the initial purchasers’ full exercise of their option to buy additional notes.
2. Terms and capped calls
The senior unsecured notes carry a 4.38% annual interest rate and mature on January 15, 2032. The parent fully and unconditionally guarantees the notes, which have an initial exchange price of approximately $30.88 per share. Related capped call transactions cost approximately $21.5 million and have an initial cap price of approximately $36.25 per share.
