Retail Properties Of America, Inc. Prices $100.0 Million Offering Of Senior Unsecured Notes

OAK BROOK, Ill., July 17, 2020 /PRNewswire/ — Retail Properties of America, Inc. (NYSE: RPAI) (the «Company») announced today that it…

OAK BROOK, Ill., July 17, 2020 /PRNewswire/ — Retail Properties of America, Inc. (NYSE: RPAI) (the «Company») announced today that it has agreed to sell $100.0 million aggregate principal amount of its 4.00% senior unsecured notes due 2025 (the «Notes») in an underwritten public offering. The Notes will be issued at 99.010% of par value plus accrued and unpaid interest from March 15, 2020 to, but not including, the date of delivery of the Notes. The Notes will mature on March 15, 2025, unless earlier redeemed. The Notes constitute a further issuance of, and form a single series with, the Company’s previously issued 4.00% senior unsecured notes due 2025, $250.0 million of which are currently outstanding. The offering is expected to close on July 21, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds from the sale of the Notes for the repayment of outstanding borrowings under its $850.0 million unsecured revolving line of credit and for general corporate purposes.

Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for this offering.

This offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission and only by means of a prospectus and related prospectus supplement. Copies of these documents may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146 or email: or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn: WFS Customer Service, telephone: (800) 645-3751 or email:

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.


Retail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2020, the Company owned 102 retail operating properties in the United States representing 20.0 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI.


This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company’s current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the Company’s control, including, without limitation, that the closing of the aforementioned offering is subject to, among other things, the Company’s ability to satisfy the closing conditions to the pending transaction described above and the factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. As such, readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, the Company assumes no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date as of which they were made.


Michael Gaiden

Vice President – Capital Markets and Investor Relations

Retail Properties of America, Inc.       

(630) 634-4233



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