American Campus Communities, Inc. (ACC) announced that its operating partnership, American Campus Communities Operating Partnership LP, priced a $400 million offering of senior unsecured notes under its existing shelf registration.
The company said that these ten-year notes were issued at 99.659 percent of par value with a coupon of 3.750 percent and are fully and unconditionally guaranteed by the company. Interest on the notes is payable semi-annually on April 15 and October 15, with the first payment beginning on October 15, 2013. The notes will mature on April 15, 2023.
The company stated that its Operating Partnership expects to use the net proceeds of about $394.9 million to repay the outstanding balance of its revolving credit facility, to fund its current development pipeline and potential acquisitions of student housing properties and for general business purposes. Settlement is scheduled for April 2, 2013.
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