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Regency (REG) Prices Senior Notes for Equity One Merger
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Regency Centers Corporation (REG - Free Report) , the Jacksonville FL-based retail real estate investment trust (“REIT”), announced the pricing of $650 million unsecured senior notes. The company plans to utilize its net proceeds for the consummation of earlier announced pending merger with Equity One, Inc. and also for some other purposes.
In fact, Regency priced public offering in two tranches. The first tranche contains notes of $350 million with a rate of 3.6% and is slated to mature in 2027. The second tranche contains notes of $300 million with a rate of 4.4% and is slated to mature in 2047. Subject to the satisfaction of certain customary closing conditions, the offering is likely to be settled on Jan 26, 2017.
With this proceed, the company plans to repay debt of Equity One, and related interest as well as fees and expenses of around $285 million. Also, the company intends to finance investment activities for general corporate purposes, which includes transaction expenses related to the pending merger with Equity One. Notably, in Nov 2016, Regency agreed to acquire Equity One for around $5 billion (read more: Regency to House 429 Properties with $5B Equity One Buyout).
Shares of Regency outperformed the Zacks categorized REIT and Equity Trust - Retail industry, over the past one month. During the period, shares of the company grew 2.1%, while the industry gained 0.8%.
Regency currently holds a Zacks Rank #2 (Buy). Over the past 30 days, the company’s 2016 estimates moved up 0.6% to $3.29 per share.
Equity One carries a Zacks Rank #4 (Sell). Over the past 30 days, the company’s 2016 estimates remained unchanged at $1.40 per share.
Cedar Realty Trust’s 2016 estimates remained unchanged at 56 cents per share, over the past 60 days.
General Growth Properties’ 2016 estimates remained unchanged at $1.53 per share, over the past 60 days.
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Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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Regency (REG) Prices Senior Notes for Equity One Merger
Regency Centers Corporation (REG - Free Report) , the Jacksonville FL-based retail real estate investment trust (“REIT”), announced the pricing of $650 million unsecured senior notes. The company plans to utilize its net proceeds for the consummation of earlier announced pending merger with Equity One, Inc. and also for some other purposes.
In fact, Regency priced public offering in two tranches. The first tranche contains notes of $350 million with a rate of 3.6% and is slated to mature in 2027. The second tranche contains notes of $300 million with a rate of 4.4% and is slated to mature in 2047. Subject to the satisfaction of certain customary closing conditions, the offering is likely to be settled on Jan 26, 2017.
With this proceed, the company plans to repay debt of Equity One, and related interest as well as fees and expenses of around $285 million. Also, the company intends to finance investment activities for general corporate purposes, which includes transaction expenses related to the pending merger with Equity One. Notably, in Nov 2016, Regency agreed to acquire Equity One for around $5 billion (read more: Regency to House 429 Properties with $5B Equity One Buyout).
Shares of Regency outperformed the Zacks categorized REIT and Equity Trust - Retail industry, over the past one month. During the period, shares of the company grew 2.1%, while the industry gained 0.8%.
Regency currently holds a Zacks Rank #2 (Buy). Over the past 30 days, the company’s 2016 estimates moved up 0.6% to $3.29 per share.
Equity One carries a Zacks Rank #4 (Sell). Over the past 30 days, the company’s 2016 estimates remained unchanged at $1.40 per share.
A couple of top-ranked stocks in the same space include Cedar Realty Trust, Inc. and General Growth Properties, Inc . Both these stocks hold a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Cedar Realty Trust’s 2016 estimates remained unchanged at 56 cents per share, over the past 60 days.
General Growth Properties’ 2016 estimates remained unchanged at $1.53 per share, over the past 60 days.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>