Campus Crest Communities, Inc. Announces Private Offering of $75 Million of Exchangeable Senior Notes Due 2018
October 03 2013 - 8:13AM
Business Wire
Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”)
announced today that Campus Crest Communities Operating
Partnership, LP, the operating partnership through which the
Company conducts its operations (the “Operating Partnership”), has
commenced a private offering of $75 million aggregate principal
amount of its Exchangeable Senior Notes due 2018 (“Notes”), plus up
to an additional $11.25 million aggregate principal amount of such
Notes that may be issued at the option of the initial purchasers
within 30 days of the initial issuance of the Notes. The Notes will
be senior unsecured obligations of the Operating Partnership and
will be exchangeable, upon the occurrence of specified events, for
shares of the Company’s common stock. The Company will guarantee
the payment of amounts due on the Notes. The interest rate,
exchange rate and offering price will be determined by negotiations
between the Operating Partnership and the initial purchasers of the
Notes.
The Operating Partnership intends to use the net proceeds from
this offering for the repayment of debt, future development or for
other general corporate and working capital purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Notes, nor shall there
be any sale of such Notes in any state or other jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or other jurisdiction.
The Notes will be offered and sold only to qualified
institutional buyers in reliance on Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”). Neither the Notes
nor any shares of the Company’s common stock that may be issued
upon exchange of the Notes have been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States except
pursuant to an exemption from the registration requirements of the
Securities Act and applicable state laws.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder,
owner and manager of high-quality student housing properties
located close to college campuses in targeted markets. It has
ownership interests in 80 student housing properties and ~43,000
beds across North America, of which 73 are operating and 7 are
development or redevelopment properties. The Company is an equity
REIT that differentiates itself through its vertical integration
and consistent branding across the portfolio through three unique
brands targeting different segments of the college student
population. The Grove® brand offers more traditional apartment
floor plans and focuses on customer service, privacy, on-site
amenities and a proprietary residence life program. The Copper
Beech brand and townhome product offers more residential-type
living to students looking for a larger floor plan with a front
door and back porch.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts" or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company’s Quarterly Reports
on Form 10-Q.
Campus Crest Communities, Inc.Thomas Nielsen,
704-496-2571Investor.Relations@CampusCrest.com
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