American Campus Communities renews $1 billion revolver, adds ESG terms

Chicago, May 13 – American Campus Communities, Inc. renewed its $1 billion senior revolving credit facility until May 12, 2025, according to a press release.

The facility was previously set to mature in March 2022.

There are two six-month extension options and an accordion feature for an additional $500 million.

Interest starts at Libor plus 85 basis points. The facility fee is 20 bps. Pricing is 15 bps lower than the prior facility. Pricing is based on a grid that is tied to ratings.

Additionally, the opportunity for improved pricing has been added if the company meets ESG performance targets each year.

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

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