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Thursday, 07 December 2000

Spieker Issues $200 Million of Unsecured Notes

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December 8, 2000

MENLO PARK, Calif. – Spieker Properties LP has sold $200 million of investment grade rated 10-year unsecured notes.

Proceeds from the offering will be used to repay $100 million of unsecured notes due to mature Dec. 15 and various short-term floating rate borrowings. The weighted average interest rate of short-term debt was about 7.52 percent, according to the company's prospectus.

The 7.65 percent notes, which are due Dec. 15, 2010, were priced to yield at 7.66 percent.

Spieker will pay interest on the notes on June 15 and Dec. 15 of each year, with payment beginning in 2001.

The company has the option to redeem the notes at any time, in whole or in part.


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mortgages/Financing (MOR)
  • Company: Standard & Poor's
  • Valuation: More than $150 million
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