Equity One Announces Redemption of $250 Million Principal Amount of 6.25% Senior Notes due 2014
NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)-- Equity One, Inc. (NYSE: EQY), an owner, developer, and operator of shopping centers, announced today that it is calling for redemption all of its 6.25% senior notes due 2014 (the 6.25% Notes), in an aggregate outstanding principal amount of $250 million, with a redemption date of November 24, 2012. The CUSIP number for the 6.25% Notes is 294752 AG5. Upon redemption, holders of the 6.25% Notes being redeemed will receive $1,138.96 per $1,000 principal amount of the 6.25% Notes, which includes accrued and unpaid interest on the 6.25% Notes being redeemed to, but excluding, the redemption date and the make-whole premium applicable to the 6.25% Notes. The redemption will be funded by the proceeds from Equity Ones $300 million 3.75% senior notes due 2022, which were issued today.
A Notice of Redemption is being mailed to all registered holders of the 6.25% Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the paying agent, by calling (404) 898-2467.
ABOUT EQUITY ONE, INC.
As of June 30, 2012, Equity Ones consolidated property portfolio comprised 165 properties consisting of approximately 16.8 million square feet of gross leasable area, including 142 shopping centers, 11 development or redevelopment properties, five non-retail properties and seven land parcels. As of June 30, 2012, our core portfolio was 91.8% leased and included national, regional and local tenants. Additionally, the company had joint venture interests in 17 shopping centers and two office buildings totaling approximately 2.8 million square feet of gross leasable area.
FORWARD LOOKING STATEMENTS
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this press release include, among others, statements about the redemption of the 6.25% Notes. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include volatility of the capital markets; changes in macro-economic conditions and the demand for retail space in the states in which Equity One owns properties; the continuing financial success of Equity Ones current and prospective tenants; the risks that Equity One may not be able to proceed with or obtain necessary approvals for development or redevelopment projects or that it may take more time to complete such projects or incur costs greater than anticipated; the availability of properties for acquisition; the extent to which continuing supply constraints occur in geographic markets where Equity One owns properties; the success of its efforts to lease up vacant space; the effects of natural and other disasters; the ability of Equity One to successfully integrate the operations and systems of acquired companies and properties; changes in Equity Ones credit ratings; and other risks, which are described in Equity Ones filings with the Securities and Exchange Commission.
Equity One, Inc.
Mark Langer, 305-947-1664
EVP and Chief Financial Officer
Source: Equity One, Inc.Copyright Business Wire 2012