Apartment Income REIT issues $400M senior unsecured notes

Jul. 05, 2022 9:16 AM ETApartment Income REIT Corp. (AIRC)By: Manshi Mamtora, CFA
  • Apartment Income REIT (NYSE:AIRC) or AIR issued senior unsecured notes, totaling $400M at a weighted average effective interest rate of 4.3%, inclusive of a previously placed treasury lock, and a weighted average maturity of eight years.
  • Notes include: $100M of five year notes at a stated interest rate of 4.58%; $100M of seven year notes at a stated interest rate of 4.77%; and $200M of ten year notes at a stated interest rate of 4.84%.
  • Proceeds to repay borrowings under the revolving credit facility.
  • Additionally, on June 21, 2022, company received $400M from Apartment Investment and Management Company, representing partial prepayment of the $534M note owed to AIR and a pro rata share of the prepayment penalty.
  • Proceeds were used to repay $350M of term loans and to reduce borrowings under the revolving credit facility.
  • AIR anticipates the balance of the loan will be repaid by September 30, 2022.
  • AIR ~$1B of available liquidity

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