American Campus Communities plans $200 million revolver with KeyBank

By Sara Rosenberg

New York, May 5 - American Campus Communities Inc. received a non-binding term sheet for a new $200 million three-year senior secured revolving credit facility, according to a 424B5 filed with the Securities and Exchange Commission on Tuesday.

KeyBank is the lead bank on the deal.

The facility would have a $100 million accordion feature and a one-year extension option.

Proceeds would be used to replace the company's existing revolver that matures in August.

The company plans on repaying the balance under its existing revolver using proceeds from the sale of 7 million shares of common stock.

American Campus is an Austin, Texas-based real estate investment trust focused on the acquisition, design, finance, development, lease and management of student housing properties.

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