By Sheri Kasprzak
New York, Oct. 13 - Post Properties Inc. subsidiary Post Apartment Homes, LP priced $150 million 4.75% seven-year senior unsecured notes to yield 300 basis points over Treasuries, according to a term sheet.
The notes were sold through joint bookrunners J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Deutsche Bank Securities Inc.
Co-managers were Morgan Keegan & Co. Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Daiwa Capital Markets America Inc. and Mitsubishi UFJ Securities (USA) Inc.
The notes (Baa3/BBB-/), which mature Oct. 15, 2017, priced at 99.859 to yield 4.774%.
The notes feature a make-whole call at 45 bps over Treasuries.
Post intends to use the proceeds to repay in full its $100.5 million in 7.7% senior notes, which are due Dec. 20, 2010, as well as to reduce amounts under its revolving credit facilities. The remainder will be used for general corporate purposes.
Based in Atlanta, Post Properties develops apartment and condominium communities.
| Issuer: | Post Apartment Homes, LP
|
| Issue: | Senior unsecured notes
|
| Amount: | $150 million
|
| Maturity: | Oct. 15, 2017
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc.
|
| Co-managers: | Morgan Keegan & Co. Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Daiwa Capital Markets America Inc., Mitsubishi UFJ Securities (USA) Inc.
|
| Coupon: | 4.75%
|
| Price: | 99.859
|
| Yield: | 4.774%
|
| Spread: | 300 bps over Treasuries
|
| Call: | Make-whole at 45 bps over Treasuries
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 18
|
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