Essential Properties Realty Trust, Inc. Announces Pricing of $450 Million Exchangeable Senior Notes Offering
Essential Properties priced a $450 million offering of 4.375% exchangeable senior notes due 2032, with a $67.5 million option for initial purchasers. The exchange price of roughly $30.88 per share represents a 15% premium to the $26.85 October 27 close, and capped calls with a $36.25 cap price reduce potential dilution.
Key figures
- Deal Value Usd
- 450000000
- Coupon
- 4.375%
- Maturity
- January 15, 2032
- Cap price
- $36.25
- Greenshoe
- $67.5 million additional notes option
- Net proceeds
- $439.0 million (or $505.2 million with full greenshoe)
- Exchange price
- $30.88
- Capped call cost
- $18.7 million
- Exchange premium
- 15.0%
- Revolver paydown
- $420.3 million
AI analysis
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