By a News Reporter-Staff News Editor at Investment Weekly News -- UDR, Inc. (the "Company") (NYSE: UDR) announced that it has priced a $300 million offering of 3.750% senior unsecured notes under its existing shelf registration statement. Interest is payable semiannually on January 1 and July 1 with the first interest payment due January 1, 2015. The notes will mature on July 1, 2024. The notes were priced at 99.652% of the principal amount plus accrued interest from June 26, 2014 to yield 3.792% to maturity.
The notes are fully and unconditionally guaranteed by United Dominion Realty, L.P.
The Company expects to use the net proceeds to pay down indebtedness outstanding on its $900 million unsecured credit facility and for general corporate purposes. The settlement of the offering is expected to occur on June 26, 2014.
Citigroup, Wells Fargo Securities and J.P. Morgan were the joint book-running managers for the offering. Credit Suisse and Morgan Stanley were the co-managers for the offering.
Copies of the pricing supplement, prospectus supplement and prospectus relating to the offering may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone toll free at 1-800-831-9146, or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support, telephone toll free at 1-800-326-5897.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Keywords for this news article include: UDR Inc, Banking and Finance.
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