Citigroup – UDR Costs $350 Million of 1.900% Senior Unsecured Medium-Time period Notes Due 2033 and Broadcasts Redemption of All Excellent 3.750% Senior Unsecured Notes Due July 2024
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UDR, Inc. (the “Company”) (NYSE: UDR), introduced at present that it has priced an providing of $350 million combination principal quantity of 1.900% senior unsecured medium-term notes due March 15, 2033. The notes have been priced at 99.578% of the principal quantity, plus accrued curiosity from December 14, 2020 to yield 1.939% to maturity.
Curiosity on the notes is payable semiannually on March 15 and September 15 with the primary curiosity cost on March 15, 2021. The notes will mature on March 15, 2033 except redeemed previous to that date.
The notes are totally and unconditionally assured by United Dominion Realty, L.P.
The Firm additionally introduced that it’ll redeem the remaining $183 million combination principal quantity of its excellent 3.750% medium-term notes due July 2024 (CUSIP No. 90265EAJ9).
The Firm expects to allocate the web proceeds from the providing to eligible inexperienced tasks. Pending allocation for such functions, the Firm expects to initially use a portion of the web proceeds from the providing to fund the redemption of the three.750% medium-term notes due 2024 (plus the make-whole quantity and accrued and unpaid curiosity) and the stability of the web proceeds to repay different excellent indebtedness, together with the Firm’s remaining $67.5 million of secured indebtedness maturing in 2023 and excellent indebtedness beneath the Firm’s industrial paper program and dealing capital credit score facility, or to fund potential acquisitions.
The settlement of the providing is predicted to happen on December 14, 2020, topic to the satisfaction of customary closing situations.
(BofA) Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., TD Securities (USA) LLC and Truist Securities, Inc. are the joint book-running managers for the providing. Citigroup International Markets Inc., PNC Capital Markets LLC, Areas Securities LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, BNY Mellon Capital Markets, LLC, MUFG Securities Americas Inc. and Samuel A. Ramirez & Firm, Inc. are the co-managers for the providing.
This providing is being carried out pursuant to the Firm’s presently efficient shelf registration assertion, which was beforehand filed with the Securities and Alternate Fee (the “SEC”). You may get hold of copies of the pricing complement, prospectus complement and prospectus regarding the providing with out cost from the SEC at www.sec.gov. Alternatively, copies of those paperwork may be obtained by contacting (i) (BofA) Securities, Inc., 200 North School Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attn: Prospectus Division, Toll-free: 1-800-294-1322, or by emailing [email protected]; (ii) J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn: Funding Grade Syndicate Desk, Gather: 1-212-834-4533; or (iii) U.S. Bancorp Investments, Inc. 214 N. Tryon Street, 26th Flooring, Charlotte, North Carolina 28202, Toll-free: 1 877-558-2607.
This press launch doesn’t represent a discover of redemption for the three.750% medium-term notes due July 2024.
Sure statements made on this press launch may represent “forward-looking statements.” Phrases corresponding to “expects,” “intends,” “believes,” “anticipates,” “plans,” “likely,” “will,” “seeks,” “estimates” and variations of such phrases and comparable expressions are meant to establish such forward-looking statements. Ahead-looking statements, by their nature, contain estimates, projections, objectives, forecasts and assumptions and are topic to recognized and unknown dangers, uncertainties and different components which may trigger precise outcomes or outcomes to vary materially from these expressed or implied by such forward-looking statements, because of numerous components which embody, however will not be restricted to, the impression of the COVID-19 pandemic and measures meant to stop its unfold or tackle its results, unfavorable modifications within the condo market, altering financial situations, the Firm’s means to make use of or allocate the web proceeds from this providing to eligible inexperienced tasks that may fulfill, or proceed to fulfill, investor standards and expectations concerning environmental impression and sustainability efficiency, the impression of inflation/deflation on rental charges and property working bills, expectations regarding availability of capital and the soundness of the capital markets, the impression of competitors and aggressive pricing, acquisitions, developments and redevelopments not reaching anticipated outcomes, delays in finishing developments, redevelopments and lease-ups on schedule, expectations on job development, house affordability and demand/provide ratio for multifamily housing, expectations regarding growth and redevelopment actions, expectations on occupancy ranges and rental charges, expectations regarding joint ventures and partnerships with third events, expectations that expertise will assist develop internet working earnings, expectations on annualized internet working earnings and different threat components mentioned in paperwork filed by the Firm with the Securities and Alternate Fee now and again, together with the Firm’s Annual Report on Type 10-Okay and the Firm’s Quarterly Experiences on Type 10-Q. Precise outcomes may differ materially from these described within the forward-looking statements. These forward-looking statements and such dangers, uncertainties and different components communicate solely as of the date of this press launch, and the Firm expressly disclaims any obligation or enterprise to replace or revise any forward-looking assertion contained herein, to replicate any change within the Firm’s expectations with regard thereto, or some other change in occasions, situations or circumstances on which any such assertion is predicated, besides to the extent in any other case required beneath the U.S. securities legal guidelines.
About UDR, Inc.
UDR, Inc. (NYSE: UDR), an S&P 500 firm, is a number one multifamily actual property funding belief with a demonstrated efficiency historical past of delivering superior and reliable returns by efficiently managing, shopping for, promoting, creating and redeveloping enticing actual property properties in focused U.S. markets. As of September 30, 2020, UDR owned or had an possession place in 51,649 condo houses together with 1,031 houses beneath growth. For over 48 years, UDR has delivered long-term value to shareholders, one of the best commonplace of service to residents and the very best high quality expertise for associates.
Supply: UDR, Inc.