American Campus Communities, Inc. Announces Pricing of $400 Million 3.35 Percent Senior Unsecured Notes Due 2020
September 15 2015 - 6:26PM
Business Wire
American Campus Communities, Inc. (NYSE:ACC), the largest owner,
manager and developer of high-quality student housing properties in
the U.S., today 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. These five-year notes were issued at 99.811 percent
of par value with a coupon of 3.35 percent and are fully and
unconditionally guaranteed by the Company. Interest on the notes is
payable semi-annually on April 1 and October 1, with the first
payment beginning on April 1, 2016. The notes will mature on
October 1, 2020. American Campus Communities Operating Partnership
LP expects to use the net proceeds of approximately $395.3 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 September 22, 2015, subject to
customary closing conditions.
Deutsche Bank Securities, J.P. Morgan, Wells Fargo Securities,
BofA Merrill Lynch and US Bancorp are Joint Book-Running Managers
for the offering.
American Campus Communities, Inc. and American Campus
Communities Operating Partnership LP have filed a registration
statement (including a prospectus) with the Securities and Exchange
Commission (“SEC”) for the offering to which this press release
relates. Before you invest, you should read the prospectus in that
registration statement and other documents that American Campus
Communities, Inc. and American Campus Communities Operating
Partnership LP have filed with the SEC, including the prospectus
supplement, for more complete information about American Campus
Communities, Inc., American Campus Communities Operating
Partnership LP and this offering. You may get these documents for
free by visiting the SEC Web site at www.sec.gov. Alternatively,
American Campus Communities, Inc., American Campus Communities
Operating Partnership LP or any underwriter or any dealer
participating in the offering will arrange to send you the
prospectus and the accompanying prospectus supplement if you
request it by contacting Deutsche Bank Securities Inc., toll free
at 800-503-4611; J.P. Morgan Securities LLC, collect at
212-834-4533; or Wells Fargo Securities, LLC, toll free at
800-645-3751.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these 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 any state or other
jurisdiction.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements under the federal securities
law. These statements are based on current expectations, estimates
and projections about the industry and markets in which American
Campus operates, management's beliefs, and assumptions made by
management. Forward-looking statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager
and developer of high-quality student housing communities in the
United States. The company is a fully integrated, self-managed and
self-administered equity real estate investment trust (REIT) with
expertise in the design, finance, development, construction
management and operational management of student housing
properties. As of June 30, 2015, American Campus Communities owned
159 student housing properties containing approximately 96,400
beds. Including its owned and third-party managed properties,
American Campus Communities’ total managed portfolio consisted of
198 properties with approximately 126,800 beds.
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American Campus Communities, Inc.Ryan Dennison,
512-732-1000Investor Relations
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