Getty Realty Corp. Closes $125 Million Private Placement of Senior Unsecured Notes
Rhea-AI Summary
Getty Realty Corp. (NYSE: GTY) has closed a $125 million private placement of senior unsecured notes, comprising $50 million notes at 5.52% maturing September 2029 and $75 million notes at 5.70% maturing February 2032. The notes, funding on February 25, 2025, will be used to repay $50 million 4.75% Series C notes due February 2025 and for general corporate purposes. The placement was made with New York Life Insurance Company and The Prudential Insurance Company of America. Getty Realty, a net lease REIT, currently manages 1,108 properties across 42 states and Washington, D.C.
Positive
- Secured $125 million in new financing
- Additional growth capital available for investment pipeline
- Maintains relationships with major institutional investors
Negative
- Higher interest rates on new notes (5.52% and 5.70%) compared to maturing notes (4.75%)
- Increased debt service costs due to higher interest rates
News Market Reaction – GTY
On the day this news was published, GTY declined 0.97%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today the closing of its previously disclosed private placement of
The senior unsecured notes will fund on February 25, 2025 and proceeds will be used to repay in full the Company’s
The senior unsecured notes were issued in a private placement with affiliates of New York Life Insurance Company (“New York Life”) and The Prudential Insurance Company of America (“Prudential”) under substantially similar terms and conditions as the Company’s existing senior unsecured notes.
“This financing addresses our upcoming unsecured notes maturity in February 2025 and provides us with additional growth capital to accretively fund our investment pipeline,” said Brian Dickman, Getty’s Chief Financial Officer. “We appreciate our relationships with New York Life and Prudential and their support as we continue to expand our platform.”
The senior unsecured notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act and applicable state securities laws.
This press release is for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Getty Realty Corp.
Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of September 30, 2024, the Company’s portfolio included 1,108 freestanding properties located in 42 states across the United States and Washington, D.C.
| Contacts: | Brian Dickman | Investor Relations | ||
| Chief Financial Officer | (646) 349-0598 | |||
| (646) 349-6000 | ir@gettyrealty.com |
FAQ
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