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Agree Realty Announces Pricing of $400 Million of 5.600% Senior Unsecured Notes Due 2035
Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that its operating partnership, Agree Limited Partnership (the "Operating Partnership"), priced a public offering of $400 million of its 5.600% senior unsecured notes due 2035 (the "Notes"). The public offering price for the Notes was 99.297% of the principal amount for an effective yield to maturity of 5.692%. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain of
About this update from Agree Realty Corporation
[{"type":"text","content":"Inclusive of Prior Hedging Activity the All-In Interest Rate of the Notes is 5.35% ","length":82,"tagName":"p","attribs":{}},{"type":"text","content":"ROYAL OAK, Mich., May 14, 2025 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that its operating partnership, Agree Limited Partnership (the "Operating Partnership"), priced a public offering of $400 million of its 5.600% senior unsecured notes due 2035 (the "Notes"). The public offering price for the Notes was 99.297% of the principal amount for an effective yield to maturity of 5.692%. The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by the Company and certain of their subsidiaries. This offering is expected to close on May 23, 2025, subject to the satisfaction of customary closing conditions.","length":709,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Agree Realty Corporation)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Agree Realty Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":184,"url":"https://media.zenfs.com/en/prnewswire.com/d5d8ddabecd3f678211abff0619a66d9"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/t1J1iFjSzUKo.R12iB3iUg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMyNDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/d5d8ddabecd3f678211abff0619a66d9","width":400,"height":184}},"href":"https://mma.prnewswire.com/media/454296/Agree_Realty_Corporation_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The Company expects to use the net proceeds from this offering for general corporate purposes, including to reduce outstanding indebtedness, and to fund property acquisitions and development activity.","length":200,"tagName":"p"},{"type":"text","content":""This offering further increases our liquidity position to a record of approximately $2.6 billion and positions our Company to execute on our growth strategy in 2025 and beyond," said Peter Coughenour, Chief Financial Officer. "Taking into account the termination of our forward starting swaps, the Notes have an all-in interest rate of approximately 5.35%. The Notes extend our weighted-average debt maturity and strengthen our fortress balance sheet which has no material debt maturities until 2028."","lengt...