{"id":1004108573,"date":"2014-12-02T08:05:10","date_gmt":"2014-12-02T16:05:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004108573"},"modified":"2022-12-09T02:38:45","modified_gmt":"2022-12-09T10:38:45","slug":"spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\/","title":{"rendered":"Spirit Realty Capital Closes $510M A+ Rated Net-Lease Mortgage Notes"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/i><\/p>\n

\"Peter<\/a>

Peter Mavoides, Spirit Realty<\/p><\/div>\n

Subsidiaries of Spirit Realty Capital have issued $510 million worth of net-lease mortgage notes under its Spirit Master Funding securitization structure.<\/p>\n

\u201cThe asset-backed master funding program and the asset-backed securitization markets allow the company to issue investment-grade bonds and benefit from the liquidity and demand for those bonds as well as the corresponding cost of capital, even though it is not an investment-grade borrower,\u201d Peter Mavoides, Spirit Realty\u2019s president & COO told Commercial Property Executive<\/i>. \u201cIt\u2019s a unique source of capital for us and it allows us to finance ourselves in a very cost-effective way.\u201d<\/p>\n

The issuance was comprised of two classes of notes that were each rated<\/p>\n

A+ at issuance by Standard & Poor\u2019s Rating Services, and have a blended coupon rate of 4.4230 percent, with a weighted average life of 9.4 years.<\/p>\n

\u201cFirst and foremost this is a $510 million piece of financing, which is significant in of its own right, but more importantly it match funds our investments,\u201d Mavoides added. \u201cThe debt had a long-dated underlying term, as well as an attractive coupon when you match with our long-dated assets and attractive cap rates, so it allows the company to lock in its spread against the cost of equity for a long period of time.\u201d<\/p>\n

Additionally, Mavoides said, by accessing the asset-backed securitization market, Spirit is able to finance its properties that are very granular in nature in an efficient way without all the costs associated with doing a more difficult CMBS type financing.<\/p>\n

The transaction is exempt from registration under the Securities Act and sold to Qualified Institutional Buyers under Rule 144A.<\/p>\n

Spirit\u2019s Master Funding program provides the company with a platform to lock in attractively priced, fixed-rate capital to match-fund its acquisitions of operationally essential real estate net leased to quality, middle market companies.<\/p>\n

\u201cThe Master Funding program is an ongoing program that allows us to continue to contribute collateral and continue to issue bonds within this program under similar terms,\u201d Mavoides said. \u201cIt\u2019s very much a dynamic sort of pool that we can continue to access capital to fund ongoing investments.\u201d<\/p>\n

Spirit has been quite active in the acquisition market of late. According to Mavoides, there have been a number of investment opportunities that it capitalized on and this was a nice time to access the bond markets, because rates are low and there\u2019s ample demand looking for this type of bond product.<\/p>\n

\u201cThe asset-backed finance market has been an active part of our capital structure on the liability side and we anticipate it continuing to be an active source of debt capital for us going forward,\u201d he concluded. \u201cIt\u2019s a very efficient, cost-effective way for us to finance our assets and manage our assets on an ongoing basis.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Subsidiaries of Spirit Realty Capital have issued $510 million worth of net-lease mortgage notes under its Spirit Master Funding securitization structure.<\/p>\n","protected":false},"author":451,"featured_media":1004108576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004108573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nSpirit Realty Capital Closes $510M A+ Rated Net-Lease Mortgage Notes - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spirit Realty Capital Closes $510M A+ Rated Net-Lease Mortgage Notes\" \/>\n<meta property=\"og:description\" content=\"Subsidiaries of Spirit Realty Capital have issued $510 million worth of net-lease mortgage notes under its Spirit Master Funding securitization structure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-02T16:05:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:38:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Peter-Mavoides.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"336\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Spirit Realty Capital Closes $510M A+ Rated Net-Lease Mortgage Notes\",\"datePublished\":\"2014-12-02T16:05:10+00:00\",\"dateModified\":\"2022-12-09T10:38:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/\"},\"wordCount\":484,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/12\\\/Peter-Mavoides.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spirit-realty-capital-closes-510m-a-rated-net-lease-mortgage-notes\\\/\",\"name\":\"Spirit Realty Capital Closes $510M A+ Rated Net-Lease Mortgage Notes - 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