OAK BROOK, Ill., July 17, 2020 /PRNewswire/ -- Retail
Properties of America, Inc. (NYSE: RPAI) (the
"Company") announced today that it has agreed to sell
$100.0 million aggregate principal
amount of its 4.00% senior unsecured notes due 2025 (the "Notes")
in an underwritten public offering. The Notes will be issued at
99.010% of par value plus accrued and unpaid interest from
March 15, 2020 to, but not including,
the date of delivery of the Notes. The Notes will mature on
March 15, 2025, unless earlier
redeemed. The Notes constitute a further issuance of, and form a
single series with, the Company's previously issued 4.00% senior
unsecured notes due 2025, $250.0
million of which are currently outstanding. The offering is
expected to close on July 21, 2020,
subject to customary closing conditions.
The Company intends to use the net proceeds from the sale of the
Notes for the repayment of outstanding borrowings under its
$850.0 million unsecured revolving
line of credit and for general corporate purposes.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC
are acting as joint book-running managers for this offering.
This offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission and only by means of a prospectus and related prospectus
supplement. Copies of these documents may be obtained by contacting
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY 11717, telephone: (800) 831-9146 or
email: prospectus@citi.com or Wells Fargo Securities, LLC, 608
2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn: WFS Customer
Service, telephone: (800) 645-3751 or email:
wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
ABOUT RPAI
Retail Properties of America, Inc. is a
REIT that owns and operates high quality, strategically located
open-air shopping centers, including properties with a mixed-use
component. As of March 31, 2020, the
Company owned 102 retail operating properties in the United States representing 20.0 million
square feet. The Company is publicly traded on the New York Stock
Exchange under the ticker symbol RPAI.
FORWARD-LOOKING STATEMENTS
This press release contains
certain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and are subject to
the safe harbors created thereby. These forward-looking statements
reflect the Company's current views about its plans, intentions,
expectations, strategies and prospects, which are based on the
information currently available to the Company and on assumptions
it has made. Although the Company believes that its plans,
intentions, expectations, strategies and prospects as reflected in
or suggested by those forward-looking statements are reasonable,
the Company can give no assurance that such plans, intentions,
expectations or strategies will be attained or achieved.
Furthermore, actual results may differ materially from those
described in the forward-looking statements and will be affected by
a variety of risks and factors that are beyond the Company's
control, including, without limitation, that the closing of the
aforementioned offering is subject to, among other things, the
Company's ability to satisfy the closing conditions to the pending
transaction described above and the factors included in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2019 and its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020. As such, readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date made. Except as otherwise required
by the federal securities laws, the Company assumes no obligation
to publicly release any revisions to such forward-looking
statements to reflect events or circumstances after the date as of
which they were made.
CONTACT INFORMATION
Michael
Gaiden
Vice President – Capital Markets and Investor Relations
Retail Properties of America,
Inc.
(630) 634-4233
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SOURCE Retail Properties of America, Inc.