Regency Centers Corporation’s operating partnership, Regency Centers, L.P., priced a $450 million public offering of senior unsecured notes due 2033 on February 18, 2026. The notes were issued at 99.376 % of par value with a 4.50 % coupon, and the first interest payment is scheduled for September 15, 2026. The offering is expected to close on February 23, 2026.
The net proceeds will be used to reduce the outstanding balance on Regency’s revolving credit line, repay $100 million of 3.81 % notes due May 11, 2026, and fund general corporate purposes, including prefunding certain capital expenditures, development and redevelopment projects, and future debt repayment. By retiring higher‑rate debt and extending maturities, the company aims to lower its overall cost of capital and strengthen liquidity for its development pipeline.
Regency’s credit profile—Moody’s A3 and S&P A‑—provides a solid foundation for the new notes, and the issuance aligns with the company’s broader capital‑structure strategy. The company also expanded its at‑the‑market equity program to raise up to $500 million on February 17, 2026, underscoring a proactive approach to managing both debt and equity financing to support growth and balance‑sheet flexibility.
The debt offering comes shortly after Regency reported its Q4 2025 earnings, which included an EPS beat but a revenue miss. The company’s management highlighted the importance of maintaining a strong backlog and a stable portfolio of grocery‑anchored centers, which support the company’s ability to refinance debt at favorable terms and continue investing in development projects.
Overall, the new notes provide Regency with additional liquidity, a lower‑cost debt structure, and the flexibility to fund future capital projects while reducing exposure to higher‑rate debt that is due to mature in the near term. The move is expected to improve the company’s leverage profile and support its long‑term growth strategy.
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