SCOTTSDALE, AZ—Net lease REIT Spirit Realty Capital said Monday it had closed a $510-million sale of mortgage notes through a private offering from indirectly owned subsidiaries, via SRC’s Spirit Master Funding securitization program. The notes were issued as two classes, both rated A+ by Standard & Poor’s, and have a blended coupon rate of 4.4230% with a weighted average life of 9.4 years.

SRC subsidiaries Spirit Master Funding LLC, Spirit Master Funding II LLC, Spirit Master Funding III LLC, Spirit Master Funding VI LLC and Spirit Master Funding VIII LLC are the issuers of the notes, which are payable solely from their assets. The REIT plans to use proceeds from the offering to repay borrowings under its revolving line of credit, to fund fourth-quarter acquisitions and for general corporate purposes.

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