American Residential greenshoe ups 3.25% exchangeables to $115 million

By Susanna Moon

Chicago, Nov. 27 - American Residential Properties OP, LP, a subsidiary of American Residential Properties, Inc., said underwriters fully exercised the $15 million over-allotment option on its 3.25% five-year exchangeable senior notes, bringing the total deal size to $115 million.

The company priced $100 million of the exchangeables after the market close on Nov. 21 with an initial exchange premium of 22.5%, as previously reported.

The greenshoe was exercised in full on Nov. 22, according to an 8-K filing with the Securities and Exchange Commission.

The Rule 144A offering priced at the cheap end of talk, which was for a 2.75% to 3.25% coupon and a 22.5% to 27.5% initial exchange premium.

The bookrunners included Morgan Stanley & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Barclays and Jefferies LLC.

Proceeds will be used to repay amounts outstanding under the company's senior secured revolving credit facility.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.