InvenTrust Properties Corp. Enters into a Private Placement Offering of $250 Million Senior Unsecured Notes
03 Juni 2022 - 10:04PM
Business Wire
InvenTrust Properties Corp. (“InvenTrust” or the “Company”)
(NYSE: IVT) today announced that it has signed a definitive note
purchase agreement providing for a private placement of $250
million senior unsecured notes of which $150 million are designated
as 5.07% Series A senior notes due August 11, 2029, and $100
million are designated as 5.20% Series B senior notes due August
11, 2032 (collectively, the “Notes”). Combined, the Notes are
expected to have a weighted average tenor of approximately 8.2
years and a weighted average fixed interest rate of 5.12%.
Estimated terms of this private placement transaction were included
in the first quarter guidance provided by the Company. The Notes
will be required to be absolutely and unconditionally guaranteed by
certain subsidiaries of the Company that guarantee certain material
credit facilities of the Company (if any), and are expected to be
issued on August 11, 2022, subject to customary closing
conditions.
The Company intends to use the net proceeds from the offering
for general corporate purposes, including the repayment of
indebtedness and future acquisitions.
The Notes have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”) or any
state or other jurisdiction's 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
Securities Act and applicable state or other jurisdictions'
securities laws. The Notes, when issued, will be sold in reliance
on the exemption from registration provided by Section 4(a)(2) of
the Securities Act. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of these
securities, nor shall there be any offer or sale of these
securities in any state or other jurisdiction where, or to any
person to whom, the offer, solicitation, or sale of these
securities would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. (“we,” the “Company,” “our,” “us,”
"IVT" or "InvenTrust") is a premier Sun Belt, multi-tenant
essential retail REIT that owns, leases, redevelops, acquires and
manages grocery anchored neighborhood and community centers as well
as high-quality power centers that often have a grocery component.
We pursue our business strategy by acquiring retail properties in
Sun Belt markets, opportunistically disposing of retail properties,
maintaining a flexible capital structure, and enhancing
environmental, social and governance (ESG) practices and standards.
A trusted, local operator bringing real estate expertise to its
tenant relationships, IVT has built a strong reputation with market
participants across its portfolio. IVT is committed to leadership
in ESG practices and has been a Global Real Estate Sustainability
Benchmark (“GRESB”) member since 2013. As of March 31, 2022, the
Company is an owner and manager of 63 retail properties,
representing 9.9 million square feet of retail space. For more
information, please visit www.inventrustproperties.com.
Forward-Looking Statements Disclaimer
Forward-Looking Statements in this press release, which are not
historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, including statements regarding
management’s intentions, beliefs, expectations, representation,
plans or predictions of the future, are typically identified by
words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “likely,” “will,” “would,” “outlook,” “guidance,” and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such statements include, but
are not limited to, statements about the issuance and sale of the
Notes, and related closing of the Notes. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management, are
inherently uncertain. The following factors, among others, could
cause actual results and financial position and timing of certain
events to differ materially from those described in the
forward-looking statements: the effects and duration of the
COVID-19 pandemic; interest rate movements; local, regional,
national and global economic performance; competitive factors; the
impact of e-commerce on the retail industry; future retailer store
closings; retailer consolidation; retailers reducing store size;
retailer bankruptcies; government policy changes; and any material
market changes and trends that could affect the Company’s business
strategy. For further discussion of factors that could materially
affect the outcome of our forward-looking statements and our future
results and financial condition, see the Risk Factors included in
InvenTrust’s most recent Annual Report on Form 10-K, as updated by
any subsequent Quarterly Report on Form 10-Q, in each case as filed
with the Securities and Exchange Commission. InvenTrust intends
that such forward-looking statements be subject to the safe harbors
created by Section 27A of the Securities Act, and Section 21E of
the Securities Exchange Act of 1934, as amended, except as may be
required by applicable law. We caution you not to place undue
reliance on any forward-looking statements, which are made as of
the date of this press release. We undertake no obligation to
update publicly any of these forward-looking statements to reflect
actual results, new information or future events, changes in
assumptions or changes in other factors affecting forward-looking
statements, except to the extent required by applicable laws. If we
update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those
or other forward-looking statements.
Availability of Information on InvenTrust Properties Corp.'s
Website and Social Media Channels
Investors and others should note that InvenTrust routinely
announces material information to investors and the marketplace
using U.S. Securities and Exchange Commission filings, press
releases, public conference calls, webcasts and the InvenTrust
investor relations website. The Company uses these channels as well
as social media channels (e.g., the InvenTrust Twitter account
(twitter.com/inventrustprop); and the InvenTrust LinkedIn account
(linkedin.com/company/inventrustproperties) as a means of
disclosing information about the Company's business to our
colleagues, investors, and the public. While not all of the
information that the Company posts to the InvenTrust investor
relations website or on the Company’s social media channels is of a
material nature, some information could be deemed to be material.
Accordingly, the Company encourages investors, the media and others
interested in InvenTrust to review the information that it shares
on www.inventrustproperties.com/investor-relations and on the
Company’s social media channels.
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version on businesswire.com: https://www.businesswire.com/news/home/20220603005432/en/
Dan Lombardo Vice President of Investor Relations 630-570-0605
dan.lombardo@inventrustproperties.com
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