American Residential to price $100 million exchangeables to yield 2.75%-3.25%, up 22.5%-27.5%

By Rebecca Melvin

New York, Nov. 20 - American Residential Properties OP, LP, a subsidiary of American Residential Properties Inc., said it planned to price $100 million of five-year exchangeable senior notes in a private offering under Rule 144A, according to a news release.

The deal, which has a $15 million greenshoe, was expected to price after the market close Thursday and was talked at a 2.75% to 3.25% coupon and a 22.5% to 27.5% initial conversion premium, a syndicate source said.

Bookrunners include Morgan Stanley & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Barclays and Jefferies LLC.

Proceeds are earmarked to repay amounts outstanding under the company's senior secured revolving credit facility and for general corporate purposes.

Memphis, Tenn.-based American Residential is a heating, air conditioning, ventilation and plumbing services provider.

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