This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

American Realty Capital Properties Adds $250 Million Of Commitments To Existing Credit Facility, Increasing Facility Capacity To $1.7 Billion; Closes $10 Million Convertible Senior Notes Over-allotment

Stocks in this article: ARCP

NEW YORK, Aug. 2, 2013 /PRNewswire/ --  American Realty Capital Properties, Inc. ("ARCP") (NASDAQ: ARCP) announced today that it had received additional financing commitments totaling $250.0 million under its existing credit facility, including a $200.0 million commitment from a new syndicate lender. With these additional commitments, the total amount of funding available to ARCP under the credit facility will increase to $1.7 billion, subject to customary conditions. The facility also has an accordion feature that allows ARCP, with additional commitments, to borrow up to $2.5 billion.

(Photo:  http://photos.prnewswire.com/prnh/20120529/NY15147LOGO )

ARCP also announced that it had sold an additional $10 million in 3.00% Convertible Senior Notes due 2018 (the "Notes") pursuant to the underwriters' partial exercise of an over-allotment option ARCP granted to the underwriters under the previously disclosed July 23, 2013 underwriting agreement. The underwriters provided notice of their partial exercise of the over-allotment option on July 29, 2013. As a result of the completed Notes offering and partial exercise of the over-allotment option, ARCP received $299.925 million in aggregate net proceeds from the sale of the Notes and intends to use the net offering proceeds (a) to repay outstanding indebtedness under its existing credit facility (which will increase the availability of funds under the facility); and (b) for other general corporate purposes which include investing in properties in accordance with its investment objectives.

Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCP added, "We appreciate the support of our lending group with $250 million of additional commitments and welcome a new lender to our credit facility. Additionally, completing our Convertible Senior Notes offering gives ARCP significant additional capital at a very competitive price.  This will enable us to continue to execute our acquisition program on a basis that is accretive to our earnings and consistent with our long-term plan to ladder our borrowings. This $310 million of long-term, fixed rate debt financing cements our track record as an unsecured debt issuer."

J.P. Morgan, Citigroup, Barclays, BMO Capital Markets and KeyBanc Capital Markets acted as joint bookrunners for the Notes offering. JMP Securities, Ladenburg Thalmann & Co. Inc. and RCS Capital, the investment banking and capital markets division of Realty Capital Securities, LLC, acted as co-managers for the Notes offering.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs