The company issued a total of $485,000,000 in 3.25% Exchangeable Senior Notes due 2029 through its operating partnership, Federal Realty OP LP, and the amount includes $60,000,000 of additional notes that the initial purchasers fully exercised their option to buy. The notes were issued on January 11, 2024.

1. 01

   The company issued a total of $485,000,000 in 3.25% Exchangeable Senior Notes due 2029 through its operating partnership, Federal Realty OP LP, and the amount includes $60,000,000 of additional notes that the initial purchasers fully exercised their option to buy. The notes were issued on January 11, 2024.

2. 02

   The company said the notes will mature on January 15, 2029. Interest will be payable semiannually in arrears on January 15 and July 15 of each year, starting on July 15, 2024, which is 2 times per year. The initial exchange rate is 8.1436 common shares per $1,000 of notes (an exchange price of about $122.80).

3. 03

   The company said it may redeem the notes for cash on or after January 20, 2027 if the last reported sale price of its common shares has been at least 130% of the exchange price for at least 20 trading days out of 30 consecutive trading days. It said it used part of the net proceeds to pay for the capped call transactions and plans to use the rest to repay indebtedness and for general corporate purposes.

4. 04

   Federal Realty entered into capped call transactions in connection with the notes, with an initial cap price of about $143.26 per share, a premium of about 40% over the last reported sale price of $102.33 on January 8, 2024. Under its registration rights agreement with the Representatives, the company agreed to file a shelf registration statement within 90 days after the original issuance of the notes.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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