American Campus Communities Announces Closing of $125 Million Revolving Credit Facility
American Campus Communities Inc. (NYSE:ACC), one of the largest owners,
managers and developers of high-quality student housing properties in
the U.S., today announced the closing of a $125 million secured
revolving credit facility with PNC ARCS, LLC, on behalf of Freddie Mac
(NYSE: FRE). Initially secured by eight properties, the credit facility
has a five-year term and bears interest at LIBOR plus a spread that
varies based on the debt service coverage ratio of the collateral pool.
American Campus intends to use the proceeds from this credit facility
for working capital needs and to fund future acquisitions and property
development, such as the ACE™ (American Campus Equity) program.
About American Campus Communities
American Campus Communities Inc. is one of the largest developers,
owners and managers 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. American
Campus owns 86 student housing properties containing approximately
52,800 beds. The company also owns a minority interest in 21 joint
venture properties containing approximately 12,100 beds. Including its
owned, joint venture and third-party managed properties, ACC's total
managed portfolio consists of 137 properties with approximately 88,000
beds. Additional information is available at www.studenthousing.com.
Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and projections
about the industry and markets in which American Campus operates,
management's beliefs, and assumptions made by management.
Forward-looking statements are not guarantees of future performance and
involve certain risks and uncertainties, which are difficult to predict.
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