Volume 2, Issue 2: January 20, 2010      

Walgreens Picture
Article One Title

Loan underwriting and pricing for immediate fundings is as follows:

  • 315 bps spread over US Treasury I-curve.
  • 1.01x DSCR with NNN lease.
  • Fully amortizing term/amortization coterminous with lease up to 25/25 yrs.
  • Immediate fundings within 60 days from commitment.
  • All locations in the U.S. and Puerto Rico.
  • Non-recourse except for carve-outs.
  • Unlimited number of rights to transfer property subject to the loan.

QuadCapital has funded over $271,000,000 in private placement CTL loans comprised of 67 properties in 27 states. Click here for a printable flyer with a sampling of Walgreen's fundings for your marketing efforts with clients regarding QuadCapital's CTL program.

We are actively seeking and quoting Investment grade credits in all industry sectors. For example:

  • Banks
  • Grocers
  • Tech Companies
  • Manufacturing Firms
  • Health Care Providers
  • Universities and Colleges
  • Chemical and Biotech Companies
  • Retailers and Consumer Goods Companies
  • Governmental Entities - federal, state, county & municipal

QuadCapital - Calendar of Events

Spreads Tighten

Walgreen's 10-year public bonds continue to tighten and are now trading around 48 bps over the 10-year Treasury (UST).

With this recent tightening Walgreen's 10 year public bonds have narrowed approximately 240 bps in the last twelve months from 288 bps (as of 01-15-09) to 48 bps (as of today). During the same one year period Walgreen's CTL spreads tightened approximately 110 bps from 425 bps (as of 01-15-09) to 315 bps (as of today).

The disparity of tightening between Walgreen's public bonds (240 bps) and Walgreen's CTL paper (110 bps) is largely due to the supply/demand imbalance of capital for Walgreen's CTL for most of 2009.

With the supply of capital for Walgreen's CTL paper much deeper today than during the last 2 months of 2009, Walgreen's CTL spreads have tightened again!


Lois O'Rourke CFA, CRI   608-821-1204    |    Charlie Knudsen CFA, CRI   608-821-1201

QuadCapital Advisors, LLC | 402 Gammon Place | Suite 350 | Madison | WI | 53719

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