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UDR prices $300M senior notes offering

UDR Inc. priced a $300 million offering of 4.400% senior notes due Jan. 26, 2029.

The notes were priced at 99.998% of their principal amount and are fully and unconditionally guaranteed by United Dominion Realty LP.

The multifamily real estate investment trust will use proceeds from the offering to repay debt, including $195.8 million of its Fannie Mae secured credit facility tranches due Oct. 1, 2019, and Dec. 1, 2019, respectively, and for other corporate purposes.

The offering is expected to settle Oct. 26.

Citigroup and Bank of America Merrill Lynch are the joint book-running managers for the offering, with J.P. Morgan, PNC Capital Markets LLC, Regions Securities LLC, US Bancorp, Wells Fargo Securities, BB&T Capital Markets, TD Securities, Credit Suisse, Morgan Stanley, BNY Mellon Capital Markets LLC, MUFG and Ramirez & Co. serving as co-managers.