American Campus gets $700 million expanded senior revolver due 2022

By Marisa Wong

Morgantown, W.Va., Jan. 13 – American Campus Communities, Inc.’s operating partnership, American Campus Communities Operating Partnership LP, entered into a fifth amended and restated credit agreement for a $700 million senior unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolving credit facility may be expanded by an additional $500 million.

The facility matures on March 15, 2022.

Interest is equal to Libor plus a spread based on the company’s credit ratings. The applicable margin ranges from 82.5 basis points to 155 bps.

The restated agreement increases the size of the company’s prior $500 million revolving credit facility and extends its maturity date.

KeyBanc Capital Markets Inc., J.P. Morgan Securities LLC and Capital One NA are joint lead arrangers with KeyBank NA as administrative agent, JPMorgan Chase Bank, NA and Capital One as co-syndication agents and Bank of America, NA, U.S. Bank NA and Compass Bank as co-documentation agents.

The real estate investment trust for student housing is based in Austin, Texas.

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