By Devika Patel
Knoxville, Tenn., Oct. 5 – American Campus Communities Operating Partnership LP priced $400 million of 2.25% guaranteed senior notes (Baa2/BBB) due Jan. 15, 2029 on Tuesday at a spread of Treasuries plus 95 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.928 to yield 2.261%.
The notes will be guaranteed by American Campus Communities, Inc.
BofA Securities, Inc. and Wells Fargo Securities, LLC are the joint bookrunners.
Proceeds will be used to repay borrowings under the company’s revolving credit facility and for general business purposes.
The Austin, Tex.-based real estate investment trust owns, develops and manages student housing properties.
| Issuer: | American Campus Communities Operating Partnership LP
|
| Guarantors: | American Campus Communities, Inc.
|
| Amount: | $400 million
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| Description: | Senior notes
|
| Maturity: | Jan. 15, 2029
|
| Bookrunners: | BofA Securities, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Capital One Securities Inc., KeyBanc Capital Markets Inc., Piper Sandler Co. and Regions Securities LLC
|
| Coupon: | 2.25%
|
| Price: | 99.928
|
| Yield: | 2.261%
|
| Spread: | Treasuries plus 95 bps
|
| Call feature: | Make-whole call until Nov. 15, 2028 at Treasuries plus 15 bps; thereafter at par
|
| Trade date: | Oct. 5
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| Settlement date: | Oct. 7
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 024836AH1
|
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