Press Release

VEREIT, Inc. Announces Pricing of $550 Million of Senior Notes

Company Release - 10/4/2018 5:50 PM ET

PHOENIX, Oct. 4, 2018 /PRNewswire/ -- VEREIT, Inc. (NYSE: VER) ("VEREIT") announced today that its operating partnership, VEREIT Operating Partnership, L.P. (the "Operating Partnership" and, together with VEREIT, the "Company"), priced an offering of $550 million aggregate principal amount of 4.625% senior notes due 2025 (the "Notes") at an issue price of 99.328% of par value.  Interest on the Notes will be payable in cash and will accrue at a rate of 4.625% per annum.  The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by VEREIT.  The offering of Notes is expected to close on October 16, 2018, subject to the satisfaction of customary closing conditions.

VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. (PRNewsfoto/VEREIT, Inc.)

The Operating Partnership intends to use the net proceeds from the offering of Notes to repay borrowings under its revolving credit facility contemporaneously with, or shortly after, the closing of the offering.

Wells Fargo Securities, LLC, BMO Capital Markets Corp., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., Barclays Capital Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and Regions Securities LLC are acting as joint book-running managers, and BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc., Comerica Securities, Inc., Janney Montgomery Scott LLC and FTN Financial Securities Corp are acting as co-managers for the offering of the Notes. The offering of the Notes was made under an effective shelf registration statement of VEREIT and the Operating Partnership previously filed with the Securities and Exchange Commission ("SEC"). When available, a copy of the final prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securities, LLC at 608 2nd Avenue South, Suite 1000, Attn: WFS Customer Service, Minneapolis, MN 55402 or by calling 800-645-3751; BMO Capital Markets Corp. at 3 Times Square, 27th Floor, Attn: US Syndicate, New York, NY 10036, or by calling 866-864-7760; J.P. Morgan Securities LLC at 383 Madison Ave., Attn: Investment Grade Syndicate Desk, New York, NY 10179 or by calling 212-834-4533; Merrill Lynch, Pierce, Fenner & Smith Incorporated at 200 North College Street, NC1-004-03-43, Attn: Prospectus Department, Charlotte, NC 28255 or by calling 800-294-1322; SMBC Nikko Securities America, Inc. at 277 Park Avenue, Attn: Securities Operations, New York, NY 10172; or by calling 888-868-6856; U.S. Bancorp Investments, Inc. at 214 N Tryon St, 26th Floor, Attn: Credit Fixed Income, Charlotte, NC 28202 or by calling 877-558-2607; or by visiting the EDGAR database on the SEC's web site at www.sec.gov

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of VEREIT or the Operating Partnership, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.

About the Company

VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the United States. VEREIT's business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange.  

Forward-Looking Statements

Information set forth herein contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company's expectations regarding future events. Generally, words such as "may," "will," "seek," "expects," "anticipates," "believes," "targets," "intends," "should," "estimates," "could," "continue," "assume," "projects," "plans," "goals" or variations of such words and similar expressions identify forward-looking statements. The forward-looking statements involve a number of assumptions, risks, uncertainties and other factors which are difficult to predict, may be beyond the Company's control and that could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the closing of the offering of the Notes and the use of proceeds therefrom.  The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the Operating Partnership's ability to close the offering of Notes; the actual use of proceeds therefrom; and the other factors contained in the Company's filings with the SEC, which are available at the SEC's website at www.sec.gov. The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.

 

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SOURCE VEREIT, Inc.

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