EPR Properties (NYSE:EPR) (the "Company") announced today that it has
priced an underwritten public offering of $300 million of 4.500% Senior
Notes due 2025. The notes will be guaranteed by certain of the Company's
subsidiaries. The offering is expected to close on March 16, 2015,
subject to customary closing conditions.
Citigroup, J.P. Morgan and Barclays are acting as joint book-running
managers for the offering. RBC Capital Markets and KeyBanc Capital
Markets are acting as joint lead managers, and US Bancorp and BOSC, Inc.
are acting as co-managers for the offering.
The Company intends to use the net proceeds from its offering to repay
the outstanding principal balance of its unsecured revolving credit
facility, which was approximately $185 million at March 6, 2015, and the
remaining amount of net proceeds for general business purposes, which
may include funding the Company's ongoing pipeline of acquisition and
build-to-suit projects. Pending application of any portion of the net
proceeds from the offering to the uses described above, the Company may
invest such proceeds in interest-bearing accounts and short-term
interest-bearing securities which are consistent with the Company's
qualification as a real estate investment trust.
The notes will be issued pursuant to a prospectus supplement and an
accompanying prospectus filed as part of an effective shelf registration
statement filed with the Securities and Exchange Commission on Form S-3.
A written prospectus and prospectus supplement relating to the offering,
when available, may be obtained by contacting Citigroup Global Markets
Inc., at c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by emailing prospectus@citi.com
or calling (800) 831-9146; J.P. Morgan Securities LLC, at 383 Madison
Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk,
3rd Floor, or by calling (212) 834-4533; or Barclays Capital Inc., at
c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by calling (888) 603-5847. You may also get these documents
free by visiting EDGAR on the SEC website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the notes
in any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration under the securities laws of any
such state or jurisdiction.
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that
invests in properties in select market segments which require unique
industry knowledge, while offering the potential for stable and
attractive returns. Our total investments exceed $4.0 billion and our
primary investment segments are Entertainment, Recreation and Education.
We adhere to rigorous underwriting and investing criteria centered on
key industry and property level cash flow standards. We believe our
focused niche approach provides a competitive advantage, and the
potential for higher growth and better yields.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements
contained or incorporated by reference herein may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), such as those pertaining to our acquisition or
disposition of properties, our capital resources, future expenditures
for development projects, and our results of operations. Forward-looking
statements involve numerous risks and uncertainties and you should not
rely on them as predictions of actual events. There is no assurance the
events or circumstances reflected in the forward-looking statements will
occur. You can identify forward-looking statements by use of words such
as "will be," "intend," "continue," "believe," "expect," "hope,"
"anticipate," "goal," "forecast," "expects," "pipeline," "anticipates,"
"estimates," "offers," "plans," "would," "may" or other similar
expressions or other comparable terms or discussions of strategy, plans
or intentions contained or incorporated by reference herein. Forward-looking
statements necessarily are dependent on assumptions, data or methods
that may be incorrect or imprecise. These forward-looking statements
represent our intentions, plans, expectations and beliefs and are
subject to numerous assumptions, risks and uncertainties. Many of the
factors that will determine these items are beyond our ability to
control or predict. For further discussion of these factors see our
filings with the Securities and Exchange Commission, including "Item 1A.
Risk Factors" in our most recent Annual Report on Form 10-K and, to the
extent applicable, our Quarterly Reports on Form 10-Q.
For these statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of the
date hereof or the date of any document incorporated by reference
herein. All subsequent written and oral forward-looking statements
attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or
referred to in this section. We do not undertake any obligation to
release publicly any revisions to our forward-looking statements to
reflect events or circumstances after the date hereof.
Copyright Business Wire 2015