MILL VALLEY, Calif.--(BUSINESS WIRE)--
Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE:FCPT)
today announced that it has entered into an agreement to issue $125.0
million of senior, unsecured, fixed rate notes (the “Notes”). The Notes
consist of $50.0 million of notes with a seven-year term priced at a
fixed interest rate of 4.68%, and $75.0 million of notes with a ten-year
term priced at a fixed interest rate of 4.93%, resulting in a weighted
average maturity of 8.8 years and a weighted average fixed interest rate
of 4.83%. The all-in pricing represented 235 basis points and 240 basis
points above the 7-year and 10-year U.S.Treasury rates, respectively,
at the time of pricing. The closing and funding of the Notes is expected
to occur on June 7, 2017, subject to the satisfaction of standard
closing conditions.
The Company intends to use the net proceeds from the offering to reduce
amounts outstanding under its unsecured credit facility, to fund any
future acquisitions and for general corporate purposes.
The offer and sale of the Notes have not been and will not be registered
under the U.S. Securities Act of 1933 as amended (the “Act”), or the
securities laws of any state or other jurisdiction, and the Notes may
not be offered or sold in the United States or any other jurisdiction
absent registration or an applicable exemption from the registration
requirements of the Act and the applicable securities laws of any state
or other jurisdiction. This press release does not constitute an offer
to sell or the solicitation of an offer to buy the Notes, nor shall
there be any offer, solicitation or sale of any Notes in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
About FCPT:
FCPT, headquartered in Mill Valley, CA, is a real estate investment
trust primarily engaged in the acquisition and leasing of restaurant
properties. The Company seeks to grow its portfolio by acquiring
additional real estate to lease, on a triple-net basis, for use in the
restaurant and related food services industry. Additional information
about FCPT can be found on the Company's website at www.fcpt.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170420005324/en/
Four Corners Property Trust, Inc.
Bill Lenehan, 415-965-8031
CEO
or
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust, Inc.