By Aleesia Forni
Virginia Beach, Nov. 19 – Education Realty Operating Partnership LP priced a $250 million offering of 4.6% senior notes due 2024 on Wednesday at Treasuries plus 225 basis points, according to an informed source and an FWP filed with the Securities and Exchange Commission.
The notes (Baa3/BBB-/) sold in line with price talk.
Pricing was at 99.991 to yield 4.601%.
The notes are guaranteed by Education Realty Trust, Inc.
J.P. Morgan Securities LLC, RBC Capital Markets LLC, BofA Merrill Lynch and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used to pay down the outstanding balance of the company’s unsecured revolving credit facility and for general corporate purposes.
Education Realty Trust is a Memphis, Tenn., real estate investment trust focused on student housing communities located near university campuses.
| Issuer: | Education Realty Operating Partnership LP
|
| Guarantor: | Education Realty Trust Inc.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 1, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets LLC, BofA Merrill Lynch, PNC Capital Markets LLC
|
| Co-managers: | Fifth Third Securities, Inc., KeyBanc Capital Markets Inc., Regions Securities LLC, U.S. Bancorp Investments, Inc.
|
| Coupon: | 4.6%
|
| Price: | 99.991
|
| Yield: | 4.601%
|
| Spread: | Treasuries plus 225 bps
|
| Make-whole call: | Treasuries plus 35 bps prior to Sept. 1, 2024, then callable at par
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Price talk: | Treasuries plus 225 bps area
|
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