CVS Completes $307.6 Million Financing of 102 Store Sale Leaseback

Commercial Mortgage Alert recently reported that Credit Suisse First Boston and Wachovia had priced $307.6 million of bonds backed by mortgages and leases on 102 newly constructed CVS stores in 22 states. The deal's single class, which has a 13.2-year average life, was priced to yield 158 bp over Treasuries. The notes were rated A2/A by Moody's and S&P, in line with CVS' senior unsecured debt rating. The Woonsocket, R.I., drugstore chain had floated four previous CMBS deals to refinance debt from its aggressive construction program. The previous deal, a $127.5 million offering in September, priced to yield 170 bp over Treasuries. Sphere: Related Content