Campus Crest Communities gets $150 million unsecured revolver

By Sara Rosenberg

New York, Aug. 24 - Campus Crest Communities Inc. closed on a $150 million amended and restated three-year senior unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Citigroup Global Markets Inc., Raymond James Bank and Barclays Capital acted as the lead arrangers and bookrunners on the deal that was completed on Aug. 17.

Pricing on the revolver can range from Libor plus 175 basis points to 250 bps based on leverage, with initial pricing set at Libor plus 175 bps.

There is a $175 million accordion feature and a one-year extension option.

Financial covenants include a maximum leverage ratio of not greater than 0.6:1.0 and a minimum fixed-charge coverage ratio of not less than 1.5:1.0.

As of Aug. 23, about $56.5 million was outstanding under the revolver.

Campus Crest is a Charlotte, N.C.-based builder, owner and manager of student housing properties.

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