New Issue: Post Apartment Homes sells $250 million 3.375% 10-year notes at 165 bps spread

By Andrea Heisinger

New York, Nov. 2 - Post Apartment Homes, LP priced a $250 million offering of 3.375% 10-year senior notes (Baa3/BBB-/) on Friday at a spread of Treasuries plus 165 basis points, according to an FWP filing with the Securities and Exchange Commission.

The notes were sold at 99.972 to yield 3.378%. There is a make-whole call at Treasuries plus 25 bps until Sept. 1, 2022 and a par call after that date.

Active bookrunner was Wells Fargo Securities LLC. J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. were passive bookrunners.

Proceeds will be used to redeem about $130.1 million of 6.3% senior notes due June 1, 2013 and to pay related premiums and expenses of about $4.1 million and for general corporate purposes, including property acquisitions.

Post was last in the market with a $150 million sale of 4.75% seven-year notes on Oct. 13, 2010.

The developer and operator of multifamily communities is based in Atlanta.

Issuer:	Post Apartment Homes, LP
Issue:	Senior notes
Amount:	$250 million
Maturity:	Dec. 1, 2022
Bookrunners:	Wells Fargo Securities LLC (active), J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. (passive)
Co-managers:	PNC Capital Markets LLC, Mitsubishi UFJ Securities (USA), Inc., BB&T Capital Markets, LLC, Capital One Southcoast, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Williams Capital Group, LP
Coupon:	3.375%
Price:	99.972
Yield:	3.378%
Spread:	Treasuries plus 165 bps
Call:	Make-whole at Treasuries plus 25 bps to Sept. 1, 2022, par call after
Trade date:	Nov. 2
Settlement date:	Nov. 7
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-

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