Phillips Edison prices offering of $350M of senior unsecured notes

Phillips Edison (PECO) & Company announced that its operating partnership, Phillips Edison Grocery Center Operating Partnership I, has priced a public offering of $350 million aggregate principal amount of 5.250% senior unsecured notes due 2032. The Notes were priced at 99.832% of the principal amount and will mature on August 15, 2032. The offering is expected to settle on June 17, 2025, subject to the satisfaction of customary closing conditions. The notes will be fully and unconditionally guaranteed by PECO. The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, including to repay borrowings under its revolving credit facility, to repay its term loans and other outstanding indebtedness, to acquire additional properties, for capital expenditures, expansion and working capital, to redevelop and/or improve properties and for other general corporate purposes. Pending application of the net proceeds from the offering for the foregoing purposes, such proceeds may initially be invested in short-term securities. J.P. Morgan, Fifth Third Securities, Mizuho, Morgan Stanley, US Bancorp, BofA Securities, BMO Capital Markets, Capital One Securities, KeyBanc Capital Markets, PNC Capital Markets, Regions Securities and Wells Fargo Securities acted as joint book-running managers of the offering. Ramirez and Co. acted as co-manager of the offering.