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American Campus operating partnership prices $400M debt offering

The operating partnership of student housing real estate investment trust American Campus Communities Inc. priced a $400 million offering of its 2.850% senior unsecured notes due Feb. 1, 2030.

The notes were issued at 99.810% of par value. Interest on the notes is payable semiannually every Feb. 1 and Aug. 1, starting Aug. 1.

The operating partnership expects the offering to generate approximately $394.3 million in net proceeds, which will be used along with cash on hand or borrowings under its revolving credit facility to fund the early redemption of all of the $400 million aggregate principal amount of its 3.350% senior notes due 2020. The company also expects to record a one-time charge of approximately $4.3 million, or about 3 cents per share, to its net income in the first quarter of 2020.

U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BBVA Securities Inc., BofA Securities Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the joint book-running managers.

Capital One Securities Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Piper Sandler & Co. and Regions Securities LLC are the co-managers for the offering, which is expected to settle Jan. 30.