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The notes will be guaranteed by Lepercq Corporate Income Fund
Lexington Realty Trust (NYSE:LXP), a real estate investment trust focused on single-tenant real estate investments, today announced that it has priced an underwritten public offering of $250 million aggregate principal amount of 4.40% senior unsecured notes due June 15, 2024 at a price equal to 99.883% of the principal amount.
The offering is expected to close on May 20, 2014, subject to customary closing conditions.
The notes will be guaranteed by Lepercq Corporate Income Fund L.P., an operating partnership subsidiary of Lexington. Lexington intends to use the net proceeds of this offering for general corporate purposes, including to repay certain indebtedness.
J.P. Morgan Securities LLC and Wells Fargo Securities are acting as joint book-running managers of the offering.
This offering will be made under Lexington’s existing automatic shelf registration statement filed with the Securities and Exchange Commission. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement, when available.
The prospectus supplement related to this public offering will be filed with the Securities and Exchange Commission.
Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions.
A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area.
