UDR to redeem $183 million 3.75% notes due 2024 via new notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 30 – UDR, Inc. will redeem the remaining $183 million outstanding of its 3.75% medium-term notes due July 2024 (Cusip:90265EAJ9) from proceeds of $350 million of new 1.9% senior medium-term notes due March 15, 2033, according to a press release.

The notes are guaranteed by United Dominion Realty, LP.

The notes will be redeemed at a make-whole price plus interest.

The company plans to use the balance of the new notes’ proceeds to repay other outstanding debt, including its remaining $67.5 million of secured debt maturing in 2023 and outstanding debt under its commercial paper program and working capital credit facility, or to fund potential acquisitions.

UDR is a Denver-based real estate investment trust that owns and manages multi-family apartment buildings.

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