STORE Capital closes $365M A+ rated securitization
Scottsdale-based STORE Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, announced today that it has issued $365 million of 7- and 10-year fixed-rate notes designated as STORE Master Funding Net Lease Mortgage Notes, Series 2015-1. This is the sixth note issuance under STORE’s Master Funding debt program, its proprietary investment vehicle.
The notes were issued in two classes – $95 million of 7-year Class A-1 notes at an interest rate of 3.75% and $270 million of 10-year Class A-2 notes at an interest rate of 4.17%. Both classes of notes were rated A+ by Standard & Poor’s Ratings Services. The notes were issued in a private placement to qualified institutional buyers.
“Our sixth STORE Master Funding note issuance locks in attractive long-term fixed-rate financing that helps us maintain a flexible capital structure and expands our laddered debt maturities,” said Christopher H. Volk, President and CEO. “STORE’s Master Funding debt program now has a highly diversified collateral pool of more than $2.0 billion of profit-center assets and is the foundation of a flexible liability structure that we designed to benefit our stockholders and customers.”
The notes are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The notes may only be offered and sold in the United States in accordance with Rule 144A under the Securities Act. This press release does not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful under the laws of such jurisdiction.