Published on 6/12/2019 in the Prospect News Investment Grade Daily.
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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.