Regency Centers Prices $325 Million Senior Unsecured Notes Offering

Rhea-AI Summary

Regency Centers (Nasdaq: REG) announced that its operating partnership, Regency Centers, L.P., has priced a $325 million public offering of senior unsecured notes due 2035. The Notes, maturing on January 15, 2035, were issued at 99.813% of par value with a 5.100% coupon. Interest will be payable semiannually, starting January 15, 2025. Regency intends to use the net proceeds to reduce its line of credit balance and for general corporate purposes, including future debt repayment. The offering is expected to settle on August 15, 2024, subject to customary closing conditions. Several major financial institutions are acting as joint book-running managers and senior co-managers for this offering.

Positive

• Successful pricing of $325 million senior unsecured notes offering
• 5.100% coupon rate for the notes, potentially indicating favorable market conditions
• Proceeds to be used for reducing line of credit balance and future debt repayment, potentially improving financial flexibility

Negative

• Increase in long-term debt obligations with the new $325 million notes

News Market Reaction

+0.19%

1 alert

+0.19% News Effect

On the day this news was published, REG gained 0.19%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

JACKSONVILLE, Fla., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency,” “Regency Centers,” or the “Company”) (Nasdaq: REG) announced today that its operating partnership, Regency Centers, L.P., has priced a $325 million public offering of senior unsecured notes due 2035 (the “Notes”) under its existing shelf registration filed with the U.S. Securities and Exchange Commission (the “SEC”). The Notes will mature on January 15, 2035, and were issued at 99.813% of par value with a coupon of 5.100%. Interest on the Notes will be payable semiannually on January 15 and July 15 of each year, with the first payment due and payable on January 15, 2025. The Company will guarantee the payment of principal and interest on the Notes.

Regency intends to use the net proceeds of the offering to reduce the outstanding balance on its line of credit and for general corporate purposes, including, but not limited to, the future repayment of outstanding debt. Settlement of the offering is subject to the satisfaction of customary closing conditions and is expected to occur on August 15, 2024.

J.P. Morgan Securities LLC, BofA Securities, Inc., PNC Capital Markets LLC, Wells Fargo Securities, LLC, Mizuho Securities USA LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. are acting as joint book-running managers. BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are acting as senior co-managers.

Regency Centers, L.P. has filed a registration statement (including a prospectus and related prospectus supplement) with the SEC with respect to the offering of the Notes. Before you invest, you should read the prospectus in that registration statement and the prospectus supplement for the offering, as well as the other documents Regency Centers, L.P. has filed with the SEC for more complete information about Regency Centers, L.P. and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, by calling J.P. Morgan Securities LLC at 1-212-834-4533, BofA Securities, Inc. at 1-800-294-1322, PNC Capital Markets LLC at 1-855-881-0697, or Wells Fargo Securities, LLC at 1-800-645-3751, such underwriter will arrange to send you the registration statement, prospectus and the related prospectus supplement upon your request.

This press release 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 in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Regency's future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “could,” “should,” “would,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “project,” “plan,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained, and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.

Our operations are subject to a number of risks and uncertainties including, but not limited to, risk factors described in our SEC filings, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) under Item 1A. “Risk Factors” and in Part II, Item 1A. “Risk Factors” in subsequent Quarterly Reports on Form 10-Q. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in our 2023 Form 10-K, subsequent Quarterly Reports on Form 10-Q and our other filings with and submissions to the SEC. If any of the events described in such risk factors actually occur, our business, financial condition or operating results, as well as the market price of our securities, could be materially adversely affected. Forward-looking statements are only as of the date they are made, and Regency undertakes no duty to update its forward-looking statements, whether as a result of new information, future events, or developments otherwise, except as and to the extent required by law.

Christy McElroy
904 598 7616
ChristyMcElroy@regencycenters.com

FAQ

What is the size and purpose of Regency Centers' (REG) recent notes offering?

Regency Centers (REG) priced a $325 million public offering of senior unsecured notes due 2035. The proceeds will be used to reduce the outstanding balance on its line of credit and for general corporate purposes, including future debt repayment.

What are the key terms of Regency Centers' (REG) new notes offering?

The notes will mature on January 15, 2035, were issued at 99.813% of par value, and have a 5.100% coupon. Interest will be payable semiannually on January 15 and July 15, with the first payment due on January 15, 2025.

When is the expected settlement date for Regency Centers' (REG) $325 million notes offering?

The settlement of Regency Centers' (REG) $325 million notes offering is expected to occur on August 15, 2024, subject to the satisfaction of customary closing conditions.

Which financial institutions are managing Regency Centers' (REG) recent notes offering?

J.P. Morgan Securities , BofA Securities, Inc., PNC Capital Markets , Wells Fargo Securities, , Mizuho Securities USA , Truist Securities, Inc., and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for Regency Centers' (REG) notes offering.