UDR intends to sell add-on to 3% notes due 2031 via two bookrunners

By Devika Patel

Knoxville, Tenn., Sept. 15 – UDR, Inc. expects to price an add-on to its 3% medium-term notes due Aug. 15, 2031 (Baa1/BBB+), according to a 424B5 filed with the Securities and Exchange Commission.

The notes are guaranteed by United Dominion Realty, LP.

The company previously sold $400 million of the 3% notes in a sale that priced on Aug. 6, 2019 and settled Aug. 15, 2019. The notes were priced at 99.71 to yield 3.029%, with a spread of Treasuries plus 130 basis points.

The notes have a make-whole call at Treasuries plus 20 bps until May 15, 2031 and then a par call.

U.S. Bancorp Investments Inc. and Citigroup Global Markets Inc. are the bookrunners.

Proceeds will be used for planned acquisitions and other investments, working capital, debt repayment under the company’s commercial paper program, unsecured revolving credit facility and working capital credit facility and general corporate purposes.

UDR is a real estate investment trust that owns and operates apartment communities.

© 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.