Spirit Realty Capital Closes $510 Million of Net-Lease Mortgage Notes

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Spirit Realty Capital, Inc. announced this week that certain subsidiaries have issued $510 million aggregate principal amount of net-lease mortgage notes under its Spirit Master Funding securitization structure in a transaction exempt from registration under the Securities Act and sold to Qualified Institutional Buyers under Rule 144A.
 
The issuance was comprised of two classes of notes that were each rated A+ at issuance by Standard & Poor's Rating Services, a division of McGraw-Hill Companies, Inc., and have a blended coupon rate of 4.4230% with a weighted average life of 9.4 years.
 
The joint-book running managers for the issuance were Morgan Stanley & Co. LLC and Deutsche Bank Securities, Inc.
 
Thomas H. Nolan, Jr., the Chairman and Chief Executive Officer of Spirit Realty Capital commented, "We are pleased with the pricing and execution of this investment-grade issuance. Our Master Funding program continues to provide us with an efficient platform to lock in attractively priced, fixed-rate capital to match fund our acquisitions of operationally essential real estate net leased to quality, middle market companies."
 
Spirit's Master Funding program provides flexibility and is an integral component of its balanced capital structure. Spirit intends to use the proceeds from the sale of the notes to repay borrowings under its revolving credit facility, to fund future acquisition activity and for general corporate purposes.