Spirit Realty Capital, a real estate investment trust based in Scottsdale, Arizl., has priced $330 million of commercial net lease mortgage bonds via the 144a private market.

The issue, rated ‘A+’ by both Standard & Poor’s and Kroll Bond Rating Agency, is comprised of $125 million of approximately 3.9% Series 2013-1 Class A interest only, net-lease mortgage notes expected to be repaid in December 2018 and $205 million of approximately 5.3% Series 2013-2 Class A amortizing net-lease mortgage notes expected to be repaid in December 2023.

The notes are secured by the assets of a trust, Spirit Master Funding VII LLC, and are non-recourse. Spirit Realty will use the proceeds to replace shorter-term debt, to fund fourth quarter 2013 acquisitions and for general corporate purposes.

The joint-book running managers were Morgan Stanley and Deutsche Bank Securities.

“This investment-grade transaction locks in attractive long-term financing as we continue our strategy of investing in operationally essential, single-tenant real estate with long-term, triple-net leases that generate predictable and consistent cash flows,” Thomas H. Nolan, Jr., the chairman and chief executive of Spirit Realty said in a press release.

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