American Campus to pay down $321 million revolver via note offering

By Tali David

Minneapolis, March 25 - American Campus Communities Operating Partnership LP plans to repay the outstanding balance of American Campus Communities, Inc.'s revolving credit facility with the proceeds of a senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of March 25, the balance outstanding on the revolver totaled $321 million.

The company will also use proceeds to fund its current development pipeline and potential acquisitions of student housing properties and for general corporate purposes.

American Campus is an Austin, Texas-based owner, manager and developer of student housing properties.

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