New Issue: American Campus prices upsized $400 million 4.125% 10-year notes at 150 bps spread

By Aleesia Forni

Virginia Beach, June 17 – American Campus Communities Operating Partnership LP was in the market Tuesday with an upsized $400 million offering of 4.125% 10-year senior notes priced at Treasuries plus 150 basis points, according to a FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB-/) sold at 99.861 to yield 4.142%.

Bookrunners were BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.

Proceeds will be used to repay the outstanding balance of a revolving credit facility.

The notes are guaranteed by American Campus Communities Inc.

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

Issuer:	American Campus Communities Operating Partnership LP
Guarantor:	American Campus Communities Inc.
Amount:	$400 million, upsized from $300 million
Description:	Senior notes
Maturity:	July 1, 2024
Bookrunners:	BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Senior co-managers:	KeyBanc Capital Markets Inc., PNC Capital Markets LLC
Junior co-managers:	BBVA Securities Inc., Capital One Securities Inc., Regions Securities LLC
Coupon:	4.125%
Price:	99.861
Yield:	4.142%
Spread:	Treasuries plus 150 bps
Make-whole call:	Treasuries plus 25 bps prior to April 1, 2024, then callable at par
Trade date:	June 17
Settlement date:	June 24
Ratings:	Moody’s: Baa3
	Standard & Poor's: BBB-

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