VEREIT® Announces Pricing of $600 Million of Senior Notes

PHOENIX, Nov. 19, 2019 – — VEREIT, Inc. (NYSE: VER) (“VEREIT”) announced today that its operating partnership, VEREIT Operating Partnership, L.P. (the “Operating Partnership” and, together with VEREIT, the “Company”), priced an offering of $600 million aggregate principal amount of 3.10% senior notes due 2029 (the “Notes”) at an issue price of 98.842% of par value.  Interest on the Notes will be payable in cash and will accrue at a rate of 3.10% per annum.  The Notes will be senior unsecured obligations of the Operating Partnership, guaranteed by VEREIT.  The offering of Notes is expected to close on December 4, 2019, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the proceeds from the offering of Notes, together with borrowings under its revolving credit facility or cash on hand, to (i) fund the redemption of all of the Operating Partnership’s 4.125% Senior Notes due 2021, (ii) make a distribution to VEREIT to fund the purchase of a portion of VEREIT’s 3.75% Convertible Senior Notes due 2020 before maturity; (iii) make a distribution to VEREIT to fund the redemption of up to $200 million of VEREIT’s 6.70% Series F Cumulative Redeemable Preferred Stock, and/or (iv) pay fees and expenses related to the foregoing and the offering of Notes.

Wells Fargo Securities, LLC, BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc. are acting as joint book-running managers, and BNY Mellon Capital Markets, LLC, KeyBanc Capital Markets Inc., Comerica Securities, Inc., FHN Financial Securities Corp. and Janney Montgomery Scott LLC are acting as co-managers for the offering of the Notes. The offering of the Notes was made under an effective shelf registration statement of VEREIT and the Operating Partnership previously filed with the Securities and Exchange Commission (“SEC”). When available, a copy of the final prospectus supplement and prospectus relating to the offering may be obtained from Wells Fargo Securities, LLC at 608 2nd Avenue South, Suite 1000, Attn: WFS Customer Service, Minneapolis, MN 55402 or by calling 800-645-3751; BMO Capital Markets Corp. at 3 Times Square, 27th Floor, Attn: US Syndicate, New York, NY 10036, or by calling 866-864-7760; BofA Securities, Inc. at 200 North College Street, NC1-004-03-43, Attn: Prospectus Department, Charlotte, NC 28255 or by calling 800-294-1322; J.P. Morgan Securities LLC at 383 Madison Ave., Attn: Investment Grade Syndicate Desk, New York, NY 10179 or by calling 212-834-4533; Mizuho Securities USA LLC at 320 Park Ave., New York, New York 10022, Attention: Debt Capital Markets; SMBC Nikko Securities America, Inc. at 277 Park Avenue, New York, NY 10172, Attn: Debt Capital Markets; or by calling 888-868-6856; or by visiting the EDGAR database on the SEC’s web site at 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of VEREIT or the Operating Partnership, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.

About the Company
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. The Company has total real estate investments of $14.9 billion including approximately 3,900 properties and 90.7 million square feet. VEREIT’s business model provides equity capital to creditworthy corporations in return for long-term leases on their properties.  

Forward-Looking Statements
Information set forth in this press release contains “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect the Company’s expectations and projections regarding future events and plans, the Company’s future financial condition, results of operations and business including, but not limited to, statements regarding the closing of the offering of the Notes, the use of proceeds therefrom and additional borrowings under the revolving credit facility. These forward-looking statements are subject to a number of assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements.  Generally, the words “expects,” “anticipates,” “assumes,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “could,” “continues,” variations of such words and similar expressions identify forward-looking statements. The forward-looking statements are based on information currently available to us and involve a number of known and unknown assumptions, risks, uncertainties and other factors, which may be difficult to predict and beyond the control of the Company, which could cause actual results to differ materially from those contained in the forward-looking statements. These factors include the risks and uncertainties detailed from time to time in the Company’s filings with the SEC, which are available at the SEC’s website at The Company disclaims any obligation to publicly update or revise any forward-looking statements contained in this press release whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.


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