Equity One prices senior unsecured notes

AP News
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Posted: Dec 02, 2009 7:34 PM

Equity One Inc., a shopping center owner and developer, said Wednesday it has priced 6.25 percent senior unsecured notes with a principal amount of $250 million at a price of 99.136 percent with a yield to maturity of 6.454 percent.

That represents a spread of 4.375 percent. The notes are due Dec. 15, 2014.

Equity One plans to use the proceeds to pay down other debt, make future acquisitions or other general expenses.

The notes offering is expected to close on or about Dec. 9.

The notes are expected to be rated Baa3, or one notch above junk, by Moody's Investors Service, and BBB-, also the lowest investment grade rating, by Standard & Poor's.

Banc of America Securities LLC, JPMorgan Securities Inc. and Wells Fargo Securities LLC are the joint book-running managers for the offering.

Equity One shares rose 6 cents to $16.41 on Wednesday.