Safehold Announces $400 Million Senior Notes Offering for 2035 Maturity

1 min read | November 12, 2024 05:25 PM PST | By Team Kalkine Media

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Safehold Announces $400 Million Senior Notes Offering for 2035 Maturity — Image source: Shutterstock

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Safehold announces a $400 million senior notes offering.

Proceeds will fund corporate needs, including debt repayment and investments.

The offering is expected to close by November 14, 2024.

Safehold (NYSE:SAFE) has priced a public offering of $400 million senior unsecured notes due in 2035 through its operating company, Safehold GL Holdings. These 5.650% senior notes, with a maturity date of January 15, 2035, will be priced at 98.812% of the principal amount, yielding an effective semi-annual yield of 5.804% at maturity.

The proceeds from the offering will be allocated to general corporate purposes, including reducing borrowings, investing in ground leases, and fulfilling existing financial commitments. Safehold’s operating company will utilize these funds to further strengthen its operations and pursue its business goals.

Additionally, following a hedge termination agreement, the company expects a cash settlement gain of $22 million. This will lower the effective yield on the notes to approximately 5.09% on a semi-annual basis.

The public offering is anticipated to settle on November 14, 2024, pending the completion of standard closing conditions. The offering will be fully and unconditionally guaranteed by Safehold.

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