COLUMBUS, Ohio--(BUSINESS WIRE)--Mar. 17, 2015--
Washington Prime Group Inc. (d/b/a WP Glimcher) (NYSE: WPG), announced
today that its majority owned operating partnership subsidiary,
Washington Prime Group L.P. (the “Operating Partnership”), has priced
$250 million principal amount of its 3.850% senior notes due April 1,
2020. Closing of the offering is expected to occur on March 24, 2015,
subject to customary closing conditions.
The Operating Partnership intends to use the proceeds of the offering to
repay a portion of the outstanding borrowings under its current 364-day
Bridge Term Loan Agreement, plus accrued and unpaid interest thereon.
The notes will not be listed on any securities exchange, and there is
not expected to be a public market for the notes. The notes will be
offered only to qualified institutional buyers in reliance on Rule 144A
under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and outside the United States, only to non-U.S. investors
pursuant to Regulation S. The offering and sale of the notes will not be
registered under the Securities Act or any state securities laws and may
not be offered or sold in the United States absent an effective
registration statement or an applicable exemption from registration
requirements or a transaction not subject to the registration
requirements of the Securities Act or any state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offering,
solicitation or sale would be unlawful. Any offers of the notes will be
made only by means of a private offering memorandum.
Source: WP Glimcher
Lisa A. Indest, CAO & Senior VP, Finance,
L. Bailey, VP, Communications & Marketing, 614-887-5847