MILL VALLEY, Calif.--(BUSINESS WIRE)--
Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT)
today announced that it has entered into agreements to issue $100
million of senior, unsecured, fixed rate notes (the “Notes”). The Notes
consist of $50.0 million with an eight-year term maturing on December
20, 2026 and priced at a fixed interest rate of 4.63%, and $50.0 million
of notes with a ten-year term maturing on December 20, 2028 and priced
at a fixed interest rate of 4.76%. The all-in pricing represented 182
basis points and 192 basis points above the 8-year interpolated U.S.Treasury rate and the 10-year U.S.Treasury rate, respectively, at the
time of pricing. The funding of the Notes is expected to occur on
December 20, 2018. Net proceeds from the offering will be used to reduce
amounts outstanding under FCPT’s unsecured credit facility, to fund
future acquisitions and for general corporate purposes.
The offer and sale of the Notes have not been registered under the
Securities Act of 1933 as amended, and the Notes may not be offered or
sold in the United States or to U.S. persons absent registration or an
applicable exemption from the registration requirements. 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 net basis, for use in the
restaurant and related food services industry.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
include all statements that are not historical statements of fact and
those regarding FCPT’s intent, belief or expectations, including, but
not limited to, statements regarding the Company's ability to complete
the offering and funding of the Notes and the intended use of proceeds.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),”
“believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and
similar expressions, or the negative of these terms, are intended to
identify such forward-looking statements. Forward-looking statements
speak only as of the date on which such statements are made and, except
in the normal course of FCPT’s public disclosure obligations, FCPT
expressly disclaims any obligation to publicly release any updates or
revisions to any forward-looking statements to reflect any change in
FCPT’s expectations or any change in events, conditions or circumstances
on which any statement is based. Forward-looking statements are based on
management’s current expectations and beliefs and FCPT can give no
assurance that its expectations or the events described will occur as
described. For a further discussion of these and other factors that
could cause FCPT’s future results to differ materially from any
forward-looking statements, see the section entitled “Risk Factors” in
FCPT’s most recent annual report on Form 10-K, and other risks described
in documents subsequently filed by FCPT from time to time with
the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180918006006/en/
Four Corners Property Trust
Bill Lenehan, 415-965-8031
CEO
Gerry
Morgan, 415-965-8032
CFO
Source: Four Corners Property Trust, Inc.