AUSTIN, Texas–(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
seven-year notes were issued at 99.704 percent of par value with a
coupon of 3.300 percent and are fully and unconditionally guaranteed by
American Campus Communities, Inc. Interest on the notes is payable
semi-annually on January 15 and July 15, with the first payment due and
payable on January 15, 2020. The notes will mature on July 15, 2026.
American Campus Communities Operating Partnership LP expects to use the
net proceeds (after expenses) of approximately $394.3 million to repay
borrowings under its revolving credit facility, to fund projects in its
current development pipeline and potential acquisitions of student
housing properties and for general business purposes. Settlement is
scheduled for June 21, 2019, subject to the satisfaction of customary
closing conditions.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo
Securities, LLC, BofA Securities, Inc., Jefferies LLC and U.S. Bancorp
Investments, Inc. are the Joint Book-Running Managers for the offering
and BBVA Securities Inc., Capital One Securities, Inc., KeyBanc Capital
Markets Inc., Regions Securities LLC and Sandler O’Neill & Partners,
L.P. are the Co-Managers.
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.
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 March
31, 2019, American Campus Communities owned 171 student housing
properties containing approximately 109,400 beds. Including its owned
and third-party managed properties, ACC’s total managed portfolio
consisted of 205 properties with approximately 133,700 beds
Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements under the applicable federal securities law.
These statements are based on management’s current expectations and
assumptions regarding markets in which American Campus Communities, Inc.
(the “Company”) operates, operational strategies, anticipated events and
trends, the economy, and other future conditions. Forward-looking
statements are not guarantees of future performance and involve certain
risks and uncertainties, which are difficult to predict. For discussions
of some risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by the forward-looking
statements, please refer to our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year ended
December 31, 2018 under the heading “Risk Factors” and under the heading
“Business – Forward-looking Statements” and subsequent quarterly reports
on Form 10-Q. We undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contacts
Ryan Dennison
Investor Relations
(512) 732-1000
