Getty Realty Corp. Announces $175 Million Private Placement of Senior Unsecured Notes

Rhea-AI Summary

Getty Realty Corp. (NYSE:GTY) has issued $175 million in senior unsecured notes, maturing in 2030 with a fixed interest rate of 3.43%. The notes were privately placed with Prudential, AIG, and MassMutual, following similar terms as existing notes. The proceeds will fully prepay $100 million of 6.0% Series A notes due February 2021 and repay $75 million of revolving credit debt. The press release serves only informational purposes and is not an offer to sell securities.

As of September 30, 2020, Getty Realty owned 896 properties across 35 states and Washington, D.C.

Positive

• Issuance of $175 million in senior unsecured notes at a favorable fixed rate of 3.43% helps refinance existing debt.
• Proceeds used to prepay $100 million of higher interest Series A notes, reducing overall interest expenses.
• Continued growth with 896 owned properties suggests stable business operations.

Negative

• None.

JERICHO, N.Y.--(BUSINESS WIRE)--Getty Realty Corp. (NYSE:GTY) announced today it has issued $175 million of senior unsecured notes maturing in 2030 bearing interest at a fixed rate of 3.43%. The senior unsecured notes were issued in a private placement with The Prudential Insurance Company of America (“Prudential”), American General Life Insurance Company (“AIG”) and Massachusetts Mutual Life Insurance Company (“MassMutual”), and are subject to substantially similar terms and conditions as the Company’s existing senior unsecured notes. Proceeds from the transaction were used to prepay in full the Company’s $100 million 6.0% Series A senior unsecured notes due February 25, 2021, and repay $75 million of outstanding indebtedness on the Company’s revolving credit facility.

The senior unsecured notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act and applicable state securities laws.

This press release is for informational purposes only, 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 of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Getty Realty Corp.
Getty Realty Corp. is the leading publicly traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of September 30, 2020, the Company owned 896 properties and leased 58 properties from third-party landlords in 35 states across the United States and Washington, D.C.