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American Campus Communities, Inc. Announces Pricing of $400 Million 3.300 Percent Senior Unsecured Notes Due 2026

Nachrichtenquelle: Business Wire (engl.)
12.06.2019, 22:47  |  273   |   |   

American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced that its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration. These seven-year notes were issued at 99.704 percent of par value with a coupon of 3.300 percent and are fully and unconditionally guaranteed by American Campus Communities, Inc. Interest on the notes is payable semi-annually on January 15 and July 15, with the first payment due and payable on January 15, 2020. The notes will mature on July 15, 2026. American Campus Communities Operating Partnership LP expects to use the net proceeds (after expenses) of approximately $394.3 million to repay borrowings under its revolving credit facility, to fund projects in its current development pipeline and potential acquisitions of student housing properties and for general business purposes. Settlement is scheduled for June 21, 2019, subject to the satisfaction of customary closing conditions.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., Jefferies LLC and U.S. Bancorp Investments, Inc. are the Joint Book-Running Managers for the offering and BBVA Securities Inc., Capital One Securities, Inc., KeyBanc Capital Markets Inc., Regions Securities LLC and Sandler O’Neill & Partners, L.P. are the Co-Managers.

American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents that American Campus Communities, Inc. and American Campus Communities Operating Partnership LP have filed with the SEC, including the prospectus supplement, for more complete information about American Campus Communities, Inc., American Campus Communities Operating Partnership LP and this offering. You may get these documents for free by visiting the SEC Web site at www.sec.gov. Alternatively, American Campus Communities, Inc., American Campus Communities Operating Partnership LP or any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by contacting Deutsche Bank Securities Inc., toll free at 800-503-4611; J.P. Morgan Securities LLC, collect at 212-834-4533; or Wells Fargo Securities, LLC, toll free at 800-645-3751.

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