Md. REIT sets pricing for $250M worth of notes

Rockville-based Federal Realty Investment Trust has offered $250 million in 3.625 percent senior unsecured notes due Aug. 21, 2046. The notes were offered at 97.756 percent of the principal amount with a yield to maturity of 3.750 percent.

Interest will be payable on Feb. 1 and Aug. 1 of each year, starting in February 2017. The company expects the offer to close July 12.

Federal Realty said in a statement that it plans to use the net proceeds from the notes to pay down the outstanding balance under its revolving credit facility and for general corporate purposes.