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STORE Capital Corporation (NYSE: STOR) has announced a public offering of $375 million in 2.70% senior notes maturing December 1, 2031. The notes are priced at 99.877% of the principal and will pay interest semi-annually starting June 1, 2022. Proceeds will be used to repay debt, fund property acquisitions, and for general corporate purposes. The offering is set to close on November 17, 2021. Goldman Sachs, Wells Fargo Securities, Citigroup, and J.P. Morgan are managing the offering.
Positive
Proceeds from the offering will be used to repay indebtedness, potentially improving the company's financial position.
The interest rate of 2.70% is relatively low, indicating favorable borrowing terms.
Negative
The offering may lead to shareholder dilution if not managed properly.
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
STORE Capital Corporation (NYSE: STOR) (the “Company”), an internally managed net-lease real estate investment trust (“REIT”) that invests in Single Tenant Operational Real Estate, announced today that it has priced a $375 million public offering of 2.70% senior notes due 2031. The notes were priced at 99.877% of the principal amount and will mature on December 1, 2031. Interest on the notes will be paid semi-annually on June 1 and December 1 of each year, beginning June 1, 2022. The offering is expected to close on November 17, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering to repay indebtedness, including amounts outstanding under its unsecured revolving credit facility and its STORE Master Funding Series 2013-3 Class A-2 notes, to fund property acquisitions, for working capital and other general corporate purposes, or a combination of the foregoing.
Goldman Sachs & Co. LLC, Wells Fargo Securities, Citigroup and J.P. Morgan are serving as joint book-running managers for the offering. Capital One Securities, KeyBanc Capital Markets, Morgan Stanley, US Bancorp, BMO Capital Markets, Regions Securities LLC and Truist Securities are serving as co-managers for the offering.
The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus. A copy of the prospectus supplement (when available) and the accompanying prospectus may be obtained from: (i) Goldman Sachs & Co. LLC, via telephone: (866) 471-2526, email: prospectus-ny@ny.email.gs.com, or standard mail: Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn: Prospectus Department; (ii) Wells Fargo Securities, via telephone: (800) 645-3751, email: wfscustomerservice@wellsfargo.com, or standard mail: Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service; (iii) Citigroup, via telephone: (800) 831-9146, email: prospectus@citi.com, or standard mail: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or (iv) J.P. Morgan, via telephone: (212) 834-4533, or standard mail: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn: Investment Grade Syndicate Desk.
A registration statement relating to these securities became effective upon filing with the Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (the “Securities Act”). This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About STORE Capital
STORE Capital Corporation is an internally managed net-lease REIT that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. The Company is one of the largest and fastest growing net-lease REITs and owns a well-diversified portfolio that consists of investments in more than 2,750 property locations across the United States, substantially all of which are profit centers.
Forward-Looking Statements
Certain statements contained in this press release that are not historical facts, including statements relating to the expected closing date and the intended use of proceeds from the offering, contain forward-looking statements within the meaning of Section 27A of the Securities Act, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 26, 2021, as updated by the Company’s periodic reports, prospectuses and prospectus supplements filed with the SEC from time to time. These forward-looking statements herein speak only as of the date of this press release and should not be relied upon as predictions of future events. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in the Company’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law.
