Federal Realty launches private placement of $400 million exchangeable senior notes due 2031
FRT•Exchange terms and proceeds
The notes may be exchangeable into cash up to principal, then cash or common shares, potentially creating unregistered share issuance.
Net proceeds are earmarked for capped call costs, debt repayment, general corporate purposes, and temporary revolver repayment.
Registration and investor scope
The notes, and any common shares issuable on exchange, remain unregistered under the Securities Act and are limited to qualified institutional buyers.
Private placement of exchangeable senior notes
Federal Realty Investment Trust launched a Rule 144A private placement of $400 million exchangeable senior notes due 2031.
The deal includes an initial purchasers’ option for up to an additional $60 million of notes during a 13-day window from issuance.
