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American Campus operating partnership completes $400M notes offering

American Campus Communities Inc.'s operating partnership wrapped up an underwritten public offering of $400 million of its 3.625% senior notes due 2027.

American Campus Communities Operating Partnership LP said previously that it intends to use the estimated $395 million in net proceeds to repay the outstanding balance of its revolving credit facility, as well as to fund the purchase of a student housing portfolio from Core Spaces and DRW Real Estate Investments, among other uses.

Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities were the joint book-running managers for the offering.