New Issue: UDR sells $400 million 3% guaranteed notes due 2031 at 130 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 6 – UDR, Inc. priced $400 million of 3% guaranteed medium-term notes due Aug. 15, 2031 (Baa1/BBB+) on Tuesday at 99.71 to yield 3.029%, or a spread of Treasuries plus 130 basis points, according to an FWP filing with the Securities and Exchange Commission.

BofA Securities, Inc., Wells Fargo Securities LLC and J.P. Morgan Securities LLC were the bookrunners.

The notes are fully and unconditionally guaranteed by United Dominion Realty, LP.

Proceeds will be used to repay debt, including the redemption of the company's $300 million 3.7% senior notes due Oct. 1, 2020, for acquisitions and for other general corporate purposes.

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

Issuer:	UDR, Inc.
Guarantor:	United Dominion Realty, LP
Amount:	$400 million
Description:	Medium-term notes
Maturity:	Aug. 15, 2031
Bookrunners:	BofA Securities, Inc., Wells Fargo Securities LLC and J.P. Morgan Securities LLC
Co-managers:	BB&T Capital Markets, Citigroup Global Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BNY Mellon Capital Markets, LLC, MUFG and Samuel A. Ramirez & Co., Inc.
Coupon:	3%
Price:	99.71
Yield:	3.029%
Spread:	Treasuries plus 130 bps
Call features:	Make-whole call before May 15, 2031 at Treasuries plus 20 bps; thereafter at par
Trade date:	Aug. 6
Settlement date:	Aug. 15
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered

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