Published on 6/17/2014 in the Prospect News Investment Grade Daily.
New Issue: American Campus prices upsized $400 million 4.125% 10-year notes at 150 bps spread
By Aleesia Forni
Virginia Beach, June 17 – American Campus Communities Operating Partnership LP was in the market Tuesday with an upsized $400 million offering of 4.125% 10-year senior notes priced at Treasuries plus 150 basis points, according to a FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB-/) sold at 99.861 to yield 4.142%.
Bookrunners were BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds will be used to repay the outstanding balance of a revolving credit facility.
The notes are guaranteed by American Campus Communities Inc.
The real estate investment trust for student housing is based in Austin, Texas.
Issuer: | American Campus Communities Operating Partnership LP
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Guarantor: | American Campus Communities Inc.
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Amount: | $400 million, upsized from $300 million
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Description: | Senior notes
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Maturity: | July 1, 2024
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Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
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Senior co-managers: | KeyBanc Capital Markets Inc., PNC Capital Markets LLC
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Junior co-managers: | BBVA Securities Inc., Capital One Securities Inc., Regions Securities LLC
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Coupon: | 4.125%
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Price: | 99.861
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Yield: | 4.142%
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Spread: | Treasuries plus 150 bps
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Make-whole call: | Treasuries plus 25 bps prior to April 1, 2024, then callable at par
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Trade date: | June 17
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Settlement date: | June 24
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Ratings: | Moody’s: Baa3
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| Standard & Poor's: BBB-
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