American Campus to repay revolving credit facility via notes offering

By Tali Rackner

Norfolk, Va., June 17 – American Campus Communities Operating Partnership LP plans to repay a portion of the outstanding balance on its revolving credit facility with the proceeds from a senior notes offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Monday, there was $333 million outstanding under the revolver, which matures on March 1, 2018.

Following the repayment, the company may invest proceeds in interest-bearing accounts and short-term, interest-bearing securities consistent with its intention to maintain the company’s qualification for taxation as a REIT.

The real estate investment trust for student housing is based in Austin, Texas.

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