Le Lézard
Classified in: Environment, Covid-19 virus
Subject: Funding

American Campus Communities Announces Renewal of its $1.0 Billion Unsecured Revolving Credit Facility


American Campus Communities, Inc. (NYSE: ACC), the nation's largest owner and manager of high-quality student housing properties in the U.S., announced that on May 12, 2021 the company closed on the renewal of its existing $1.0 billion senior unsecured revolving credit facility (the "credit facility") which was previously scheduled to mature in March 2022.

Among other items, the amended credit facility matures May 12, 2025 and demonstrates the company's commitment to ESG with sustainability-linked pricing whereby the borrowing rate improves if the Company meets certain ESG performance targets each year. The facility also includes two 6-month extension options and an accordion feature that allows the company to expand the facility by up to an additional $500 million, subject to the satisfaction of certain conditions. Borrowing rates float at a margin over LIBOR plus an annual facility fee with spreads reflecting current market terms, which are more favorable than those contained in the prior facility. Both the margin and the facility fee are priced on a grid that is tied to the company's credit rating. Based on the company's current Baa2/BBB rating, the annual facility fee is 20 basis points, and the LIBOR margin is 85 basis points, a reduction of 15 basis points from the prior credit facility.

"We are pleased to have completed the renewal of our credit facility, which includes a 15 basis point reduction in borrowing costs and extends the maturity by over three years," said Daniel Perry, American Campus Communities CFO. "Additionally, we are proud to have introduced sustainability-linked pricing, demonstrating our commitment to ESG, and believe that we are the first U.S. listed REIT to have included a performance component tied to all three pillars in Environmental, Social and Governance."

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, 2021, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 207 properties with approximately 142,400 beds. Visit www.americancampus.com.

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. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward looking-statements include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, and those discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 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, including our preleasing activity or expected full year 2021 operating results, whether as a result of new information, future events, or otherwise.


These press releases may also interest you

at 20:00
Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, today...

at 18:01
COVID-19 patients suffer from cognitive and behavioural problems two months after being discharged from hospital, a new study presented at the 7th Congress of the European Academy of Neurology has found[1]. Issues with memory, spatial awareness...

at 17:37
The Government of Canada will announce updates to the border measures implemented to protect the health of Canadians due COVID-19. Ministers will hold a news conference to announce updates to border measures. Ministers will be available to answer...

at 14:05
Pershing Square Tontine Holdings, Ltd. ("PSTH"), a special purpose acquisition company, announced today that it had entered into a definitive agreement with Vivendi S.E. ("Vivendi") to acquire 10% of the outstanding Ordinary Shares of Universal...

at 13:15
WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Ocugen, Inc. between February 2, 2021 and June 10, 2021, inclusive (the "Class Period"). A class...

at 12:00
I would like to dedicate today's Sunday Edition to a special group who have shown great strength and courage during a very challenging period - the kids and teens across Canada, and to the adults who support them. I know that things have not been...



News published on 13 may 2021 at 19:15 and distributed by: