New Issue: Greystar Real Estate prices upsized $90 million tap of 5¾% notes due 2025 at 99.5

By Paul A. Harris

Portland, Ore., April 25 – Greystar Real Estate Partners, LLC priced an upsized $90 million add-on to its 5¾% senior notes due Dec. 1, 2025 (B1) at 99.5 in a quick-to-market Thursday trade, according to a market source.

The tap was increased from $75 million.

Capital One Securities Inc. and J.P. Morgan Securities LLC managed the transaction.

The Plano, Tex.-based owner, operator and developer of luxury apartment communities plans to use the proceeds to repay bank debt and for general corporate purposes.

Issuer:	Greystar Real Estate Partners, LLC
Amount:	$90 million, increased from $75 million
Maturity:	Dec. 1, 2025
Security description:	Add-on to 5¾% senior secured notes due Dec. 1, 2025
Leads:	Capital One Securities Inc. and J.P. Morgan Securities LLC
Coupon:	5¾%
Price:	99.5
Spread:	342 bps
First call date:	Dec. 1, 2020
Trade date:	April 25
Settlement date:	April 29
Rating:	Moody's: B1
Marketing:	Quick to market
Original issue:	$500 million priced in November 2017
Total issue size:	$590 million

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