Published on 6/25/2019 in the Prospect News Investment Grade Daily.
New Issue: UDR prices $300 million 3.2% guaranteed notes due 2030 at 125 bps over Treasuries
By Cristal Cody
Tupelo, Miss., June 25 – UDR, Inc. priced $300 million of 3.2% guaranteed medium-term notes due Jan. 15, 2030 (Baa1/BBB+) on Tuesday at 99.662 to yield 3.238%, or a spread of Treasuries plus 125 basis points, according to an FWP filing with the Securities and Exchange Commission.
Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Jefferies LLC were the bookrunners.
The notes are fully and unconditionally guaranteed by United Dominion Realty, LP.
Proceeds will be used to repay outstanding debt, including amounts outstanding under the company’s commercial paper program, revolving credit facility and working capital credit facility, or for other general corporate purposes.
UDR is a real estate investment trust that owns and operates apartment communities.
| Issuer: | UDR, Inc.
|
| Guarantor: | United Dominion Realty, LP
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| Amount: | $300 million
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| Description: | Series A medium-term notes
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| Maturity: | Jan. 15, 2030
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| Bookrunners: | Wells Fargo Securities LLC, J.P. Morgan Securities LLC and Jefferies LLC
|
| Co-managers: | BofA Securities, Inc., Citigroup Global Markets Inc., Regions Securities LLC, U.S. Bancorp Investments, Inc., BB&T Capital Markets, TD Securities (USA) LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BNY Mellon Capital Markets, LLC, MUFG and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 3.2%
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| Price: | 99.662
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| Yield: | 3.238%
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| Spread: | Treasuries plus 125 bps
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| Call features: | Make-whole call before Oct. 15, 2029 at Treasuries plus 20 bps; thereafter at par
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| Trade date: | June 25
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| Settlement date: | July 2
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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