By Andrea Heisinger
New York, Jan. 5 - UDR, Inc. sold $400 million of 4.675% medium-term notes, series A, on Thursday to yield Treasuries plus 275 basis points, a source close to the deal said.
The paper was priced at the tight end of guidance in the 280 bps area, plus or minus 5 bps, the source said.
The debt (Baa2/BBB/) sold at 99.1 to yield 4.739%.
There is a make-whole call at Treasuries plus 45 bps.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The paper is guaranteed by United Dominion Realty, LP.
The real estate investment trust for apartment communities is based in Highlands Ranch, Colo.
| Issuer: | UDR, Inc.
|
| Guarantor: | United Dominion Realty, LP
|
| Issue: | Medium-term notes, series A
|
| Amount: | $400 million
|
| Maturity: | Jan. 10, 2022
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Coupon: | 4.675%
|
| Price: | 99.1
|
| Yield: | 4.739%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Distribution: | Off shelf
|
| Trade date: | Jan. 5
|
| Settlement date: | Jan. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Price talk: | 280 bps area, plus or minus 5 bps
|
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