We advised the counterparties on the capped call transactions

Davis Polk advised the counterparties to capped call transactions in connection with a Rule 144A offering by Federal Realty OP LP of an aggregate principal amount of $485 million of its 3.25% exchangeable senior notes due 2029, which included $60 million aggregate principal amount of notes sold pursuant to the notes purchasers’ fully exercised option to purchase additional notes.

Federal Realty OP LP is the operating partnership of Federal Realty Investment Trust. Federal Realty Investment Trust is an equity real estate investment trust, or REIT, specializing in the ownership, management and redevelopment of high-quality retail and mixed-use properties located primarily in communities where it believes retail demand exceeds supply, in strategically selected metropolitan markets in the Mid-Atlantic, Northeast, California and South Florida.

The Davis Polk equity derivatives team included partner Mark J. DiFiore and counsel Faisal Baloch. The tax team included partners Michael Farber and Corey M. Goodman, counsel Yixuan Long and associate Yueyu Yang. All members of the Davis Polk team are based in the New York office.

Copy link to share post