At the same time, Equity One swapped $100 million of the notes to floating rate debt at the effective rate of six-month Libor in arrears in addition to 0.4375%.
Net proceeds from this offering are to be used to repay existing debt under Equity One's unsecured revolving credit facility, as well as for general corporate purposes. The securities in the offering are rated Baa3 by Moody's Investors Service and BBB- by Standard & Poor's.
Deutsche Bank Securities, Credit Suisse First Boston and JPMorgan are the book-running managers. Banc One Capital Markets Inc., BB&T Capital Markets, Bear, Stearns & Co. Inc., McDonald Investments Inc., PNC Capital Markets Inc., SouthTrust Securities, SunTrust Robinson Humphrey, UBS Investment Bank and Wells Fargo Institutional Brokerage and Sales are the co-managers.
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