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American Campus closes expanded $1.1 billion revolver, term loans
By Susanna Moon
Chicago, Dec. 24 - American Campus Communities, Inc., as guarantor, and American Campus Communities Operating Partnership LP inked an amended credit agreement on Dec. 18, according to an 8-K filing with the Securities and Exchange Commission.
Under the agreement, the operating partnership has a $500 million senior unsecured revolving line of credit, a $350 million senior unsecured term loan and a $250 million senior unsecured term loan.
The $1.1 billion revolver, term loan 1 and term loan 2 may be expanded by an additional $500 million.
The revolver matures on March 1, 2018 with a 12-month extension option; the term loan 1 matures on Jan. 10, 2017 with two 12-month extension options; and the term loan 2 matures on March 1, 2019.
Interest on the loans is Libor plus 95 basis points to 170 bps, based on the company's credit ratings.
Proceeds will be used to fund future property development, for acquisitions and other working capital needs and for general corporate purposes. The operating partnership plans to use the proceeds from the term loan 2 to repay outstanding amounts on the revolver.
KeyBank NA is the administrative agent, the initial issuing bank and the swing line bank; JPMorgan Chase Bank, NA is the syndication agent; and J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc. are the joint lead arrangers.
The agreement was upsized from the operating partnership's previous $800 million facility, which consisted of a $450 million senior unsecured revolving facility and $350 million senior unsecured term loan, and it also extends the maturity date of each facility.
The real estate investment trust for student housing is based in Austin, Texas.
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