American Campus to repay revolver debt with proceeds of note offering

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – American Campus Communities Operating Partnership LP plans to repay the outstanding balance of its revolving credit facility with some proceeds of an offering of senior notes, according to 424B5 filing with the Securities and Exchange Commission.

As of Friday, the partnership had $356.2 million borrowed under the revolver, which bore interest at a weighted average annual rate of 1.75%. Its interest varies based on credit rating. The facility matures March 1, 2018 and has a one-year extension option.

American Campus said other proceeds of the senior note offering may be used to fund its current development pipeline, for potential acquisitions of student housing properties and for general business purposes.

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

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