OREANDA-NEWS. S&P Global Ratings today assigned its 'BBB-' issue-level rating to GPT Operating Partnership LP's $350 million senior unsecured private placement notes, consisting of $150 million six-year notes priced at 3.89%, $100 million nine-year notes priced at 4.26%, and $100 million ten-year notes priced at 4.32%. While the parent company, Gramercy Property Trust, does not guarantee the notes, all of the company's assets are held at this entity.

Gramercy Property Trust will use net proceeds to pay down revolver debt, for general corporate purposes, and to fund potential acquisitions, therefore having little impact to leverage and coverage ratios. As of June 30, 2016, unencumbered NOI was well above the 50% threshold required to prevent the notes from being notched below the 'BBB-' corporate credit rating on Gramercy Property Trust.