New Issue: American Campus sells $400 million 3.3% notes due 2026 at 135 bps over Treasuries

By Cristal Cody

Tupelo, Miss., June 12 – American Campus Communities Operating Partnership LP sold $400 million of 3.3% seven-year guaranteed senior notes on Wednesday at 99.704 to yield 3.347%, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa2/BBB) priced with a spread of Treasuries plus 135 basis points.

Bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities, Inc., Jefferies LLC and U.S. Bancorp Investments, Inc.

The notes are guaranteed by American Campus Communities Inc.

Proceeds will be used to repay borrowings under the company’s revolving credit facility, to fund projects and for general business purposes.

The real estate investment trust for student housing is based in Austin, Tex.

Issuer:	American Campus Communities Operating Partnership LP
Guarantor:	American Campus Communities Inc.
Amount:	$400 million
Description:	Senior notes
Maturity:	July 15, 2026
Bookrunners:	Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities, Inc., Jefferies LLC and U.S. Bancorp Investments, Inc.
Co-managers:	BBVA Securities Inc., Capital One Securities, Inc., KeyBanc Capital Markets Inc., Regions Securities LLC and Sandler O’Neill & Partners, LP
Coupon:	3.3%
Price:	99.704
Yield:	3.347%
Spread:	Treasuries plus 135 bps
Call features:	Make-whole call before May 15, 2026 at Treasuries plus 25 bps; thereafter at par
Trade date:	June 12
Settlement date:	June 21
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered

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