NEW
YORK, May 22, 2024 /PRNewswire/ -- Brixmor
Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company")
announced today that its operating partnership, Brixmor Operating
Partnership LP (the "Operating Partnership"), priced an offering of
$400 million aggregate principal
amount of 5.750% Senior Notes due 2035 (the "Notes"). The Notes
will be issued at 99.222% of par value with a coupon of 5.750%.
Interest on the Notes is payable semi-annually on February 15 and August
15 of each year, beginning August 15,
2024. The Notes will mature on February 15, 2035. The offering is expected to
close on May 28, 2024, subject to the
satisfaction of customary closing conditions.
The Operating Partnership intends to use the net proceeds from
this offering for general corporate purposes, including repayment
of indebtedness. Wells Fargo Securities, LLC, BofA Securities,
Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc. are acting as joint book-running
managers for the offering.
The Operating Partnership has filed an effective registration
statement (including a prospectus supplement and accompanying base
prospectus) with the Securities and Exchange Commission (the "SEC")
relating to the offering to which this communication relates.
Before making an investment in the Notes, potential investors
should read the prospectus supplement, the accompanying prospectus
and the other documents that the Company and the Operating
Partnership have filed with the SEC for more complete information
about us and the offering. Potential investors may obtain these
documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, copies may be obtained from: Wells
Fargo Securities, LLC by calling toll-free at 1-800-645-3751 or
emailing to wfscustomerservice@wellsfargo.com, BofA Securities,
Inc. by calling toll-free at 1-800-294-1322, or by email at
dg.prospectus_requests@bofa.com, RBC Capital Markets, LLC by
calling (866) 375-6829 or Scotia Capital (USA) Inc. by calling toll-free at
1-800-372-3930.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these Notes in any state or 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. Any offer or sale of the Notes will be made
only by means of a prospectus supplement relating to the offering
of the Notes and the accompanying prospectus.
ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) is a real estate investment trust (REIT)
that owns and operates a high-quality, national portfolio of
open-air shopping centers. Its 359 retail centers comprise
approximately 64 million square feet of prime retail space in
established trade areas. The Company strives to own and
operate shopping centers that reflect Brixmor's vision "to be the
center of the communities we serve" and are home to a diverse mix
of thriving national, regional and local retailers. Brixmor
is a proud real estate partner to over 5,000 retailers including
The TJX Companies, The Kroger Co., Publix Super Markets and
Ross Stores.
SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements include, but are not limited to, statements related to
our expectations regarding the performance of our business, our
financial results, our liquidity and capital resources, and other
non-historical statements. You can identify these forward-looking
statements by the use of words such as "outlook," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"seeks," "projects," "predicts," "intends," "plans," "estimates,"
"anticipates," or the negative version of these words or other
comparable words. Such forward-looking statements are subject to
various risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. We
believe these factors include, but are not limited to, those
described under the sections entitled "Forward-Looking Statements"
and "Risk Factors" in our Form 10-K for the year ended December 31, 2023, as such factors may be updated
from time to time in our periodic filings with the Securities and
Exchange Commission (the "SEC"), which are accessible on the SEC's
website at https://www.sec.gov. These factors include (1) changes
in national, regional, and local economies, due to global events
such as international military conflicts, international trade
disputes, a foreign debt crisis, foreign currency volatility, or
due to domestic issues, such as government policies and
regulations, tariffs, energy prices, market dynamics, general
economic contractions, rising interest rates, inflation,
unemployment, or limited growth in consumer income or spending; (2)
local real estate market conditions, including an oversupply of
space in, or a reduction in demand for, properties similar to those
in our property portfolio; (3) competition from other available
properties and e-commerce; (4) disruption and/or consolidation in
the retail sector, the financial stability of our tenants, and the
overall financial condition of large retailing companies, including
their ability to pay rent and/or expense reimbursements that are
due to us; (5) in the case of percentage rents, the sales volumes
of our tenants; (6) increases in property operating expenses,
including common area expenses, utilities, insurance, and real
estate taxes, which are relatively inflexible and generally do not
decrease if revenue or occupancy decrease; (7) increases in the
costs to repair, renovate, and re-lease space; (8) earthquakes,
wildfires, tornadoes, hurricanes, damage from rising sea levels due
to climate change, other natural disasters, epidemics and/or
pandemics, civil unrest, terrorist acts, or acts of war, any of
which may result in uninsured or underinsured losses; and (9)
changes in laws and governmental regulations, including those
governing usage, zoning, the environment, and taxes. These factors
should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this press release and in our periodic filings. The
forward-looking statements speak only as of the date of this press
release, and we expressly disclaim any obligation or undertaking to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments, or otherwise,
except to the extent otherwise required by law.
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SOURCE Brixmor Property Group Inc.