JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that its operating partnership, Regency Centers, L.P., priced an offering of $250 million of 4.80% 10-year senior unsecured notes under its existing shelf registration statement.
The offering is scheduled to close on October 7, 2010. The notes are due April 15, 2021 and were priced at 99.860%. Interest on the notes will be payable semiannually on April 15th and October 15th of each year, beginning on April 15, 2011.
The net proceeds will be used to repay a portion of our outstanding indebtedness that matures in 2011 and 2012, including a portion of our $250 million of 6.75% notes due January 15, 2012 and our $173 million of 7.95% notes due January 15, 2011.
We intend to use approximately $35 million of the net proceeds to settle an existing interest rate swap. We intend to use the remaining portion of the net proceeds, if any, for general corporate purposes, including the repayment of our line of credit.
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