EPR Properties Prices $275 Million of 5.250% Senior Notes Due 2023
KANSAS CITY, Mo. -- June 13, 2013
EPR Properties (NYSE:EPR) (the "Company") announced today that it has priced
an underwritten public offering of $275 million of 5.250% Senior Notes due
2023. The notes will be guaranteed by certain of the Company's subsidiaries.
The offering is expected to close on June 18, 2013, subject to customary
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and RBC Capital
Markets, LLC are serving as joint book-running managers for the offering.
The Company intends to use the net proceeds from the offering (i) to repay
approximately $90.9 million Canadian dollars ("CAD") ($89.5 million U.S. based
on a conversion rate of 0.9843 as of March 31, 2013) of outstanding fixed rate
mortgage debt secured by the Company's four entertainment retail centers
located in Ontario, Canada, (ii) to repay approximately $56.7 million of
outstanding fixed rate mortgage debt secured by the Company's entertainment
retail center located in New Rochelle, New York, (iii) to pay costs associated
with the early repayment of such mortgage debt, (iv) to repay the outstanding
principal balance of the Company's unsecured revolving credit facility and (v)
for general business purposes, which may include funding the acquisition,
development or financing of properties, including the potential acquisition of
a company that indirectly owns 11 theatre properties as described in the
prospectus supplement. Pending application of any portion of the net proceeds
to such uses, 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 this offering, when
available, may be obtained from J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk
(telephone: (212) 834-4355); Citigroup Global Markets Inc., Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220 (telephone:
(800) 831-9146); or RBC Capital Markets, LLC, Three World Financial Center,
200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Debt Capital
Markets (telephone: (866) 375-6829). 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 $3.2 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 Section27A of the Securities Act of 1933, as amended (the
"Securities Act"), and Section21E 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.
Brian Moriarty, 1-888-EPR-REIT
Vice President - Corporate Communications
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