Phillips Edison Prices $350 Million 4.75% Unsecured Notes Due 2033
Phillips Edison & Company's operating partnership priced $350 million of 4.750% senior unsecured notes due March 15, 2033, at 99.920% of par with settlement on February 26, 2026. Net proceeds will repay revolver borrowings, term loans and fund property acquisitions, capital expenditures and general corporate needs.
1. Offering Terms
The operating partnership of Phillips Edison & Company issued $350 million of 4.750% senior unsecured notes maturing March 15, 2033, priced at 99.920% of par and expected to settle February 26, 2026 under a shelf registration.
2. Use of Proceeds
The net proceeds will repay borrowings under the revolving credit facility and term loans, fund additional property acquisitions, capital expenditures, redevelopment and general corporate purposes, with temporary investment in short-term securities pending deployment.
3. Underwriting Syndicate
The notes are fully and unconditionally guaranteed by Phillips Edison & Company and were managed by a syndicate led by Wells Fargo Securities, BMO Capital Markets, Bank of America Securities, Mizuho and PNC Capital Markets, with Ramirez and Co. as co-manager.
4. Company Background
Phillips Edison & Company is one of the largest owners and operators of grocery-anchored neighborhood shopping centers, managing 324 centers (33.5 million square feet) across 31 states, anchored by tenants such as Kroger, Publix, Albertsons and Ahold Delhaize.