American Campus Communities to repay revolver with new note proceeds

By Marisa Wong

Los Angeles, Oct. 5 – American Campus Communities, Inc. plans to repay borrowings under its revolving credit facility using proceeds from an offering of senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be issued through American Campus Communities Operating Partnership LP and guaranteed by American Campus Communities, Inc.

As of Oct. 1, the balance outstanding on the revolver was $577 million and bore interest at a weighted average annual rate of about 1.13%.

The revolver will mature in May 2025 and can be conditionally extended for two periods of six months each at the company’s option.

Remaining funds from the new notes will be used for general business purposes.

The Austin, Tex.-based real estate investment trust owns, develops and manages student housing properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.