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American Campus amends size, maturity, interest of term loan, revolver
By Marisa Wong
Madison, Wis., Jan. 13 - American Campus Communities, Inc., as guarantor, and American Campus Communities Operating Partnership LP, as borrower, entered into a first amendment to the third amended and restated credit agreement on Jan. 10, according to an 8-K filing with the Securities and Exchange Commission.
Under the amendment, the company's $200 million senior term loan was increased to $350 million. The company also has an expanded $450 million senior unsecured revolving facility. With the increased term loan, the company has a total facility of $800 million, which may be expanded by up to an additional $100 million.
In addition, the maturity date of the term loan was extended to Jan. 10, 2017 from May 20, 2015, and the maturity date of the revolver was extended to Jan. 10, 2016. The maturity date of the revolver may be extended by an additional 12 months to Jan. 10, 2017.
The amendment provides for interest on each loan to be based on the company's ratings. Interest was previously based on the company's leverage ratio.
Interest for the term loan is equal to one-, two-, three- or six-month Libor plus 105 basis points to 215 bps, and interest for the revolver is equal to the applicable Libor rate plus 100 bps to 185 bps. The company said the new spreads are more favorable.
The amended facility is available to fund future property development, acquisitions and other working capital needs. Proceeds from the expanded term loan will be used to repay outstanding amounts on the revolver incurred for the acquisition of properties.
KeyBank NA is the administrative agent.
The owner, manager and developer of student housing properties is based in Austin, Texas.
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