The publishers behind the Denver Post and the Rocky Mountain News locked up a credit tenant lease-backed offering in the private placement market last week. The $81 million deal added some needed diversity to a market competing against CMBS for issuers. However, findings from a recent survey show a decline in CTL investments by buysiders who stem, primarily, from the insurance industry.
The CTL for the Denver Newspaper Agency circled up just as July closed. Agented by Wachovia Securities, the $81 million deal priced as a 23-year final/18-year average life maturity at 210 basis points over Treasurys, market sources said.