The REIT team represented the underwriters for Phillips Edison Grocery Operating Partnership I, L.P.’s public offering of $350 million aggregate principal amount of 5.250% senior unsecured notes due 2032. The notes were priced at 99.832% of the principal amount and will mature on August 15, 2032. The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, including to repay borrowings under its revolving credit facility, to repay its term loans and other outstanding indebtedness, to acquire additional properties, for capital expenditures, expansion and working capital, to redevelop and/or improve properties and for other general corporate purposes.
J.P. Morgan, Fifth Third Securities, Mizuho, Morgan Stanley, US Bancorp, BofA Securities, BMO Capital Markets, Capital One Securities, KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Securities LLC and Wells Fargo Securities acted as joint book-running managers of the offering. Ramirez and Co., Inc. acted as co-manager of the offering.
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of March 31, 2025, PECO managed 321 shopping centers, including 298 wholly-owned centers comprising 33.5 million square feet across 31 states and shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.
The Goodwin team was led by Yoel Kranz, Dave Roberts, Elena Hera, Chloe Pletner, Tom Underwood, Brandon Richards, Jim Barri, Ettore A. Santucci, Neal Sandford, Gregg Coughlin, and Kathan Roberts.
For more information on the deal, please see the pricing press release.