American Campus Communities, Inc. Announces Amended Credit Facility.AUSTIN, Texas -- American Campus Communities, Inc. (NYSE NYSE See: New York Stock Exchange :ACC See adaptive cruise control. ), one of the nation's largest owners, managers and developers of high-quality student housing properties, today announced that it has amended its existing $75 million secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility due to mature in August, 2007. The amended facility is unsecured, increases the size to $100 million, and contains more favorable financial covenants and lower interest rates than those contained in the prior facility. KeyBank National Association is the administrative agent for the credit facility. The amended facility may be expanded by up to an additional $100 million upon the satisfaction of certain conditions, and is available to, among other things, fund future property development, acquisitions and other working capital needs. About American Campus Communities, Inc. American Campus Communities, Inc. is one of the largest publicly traded REITs solely focused on student housing in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . American Campus Communities is a fully integrated, self-managed and self-administered equity REIT Equity REIT A Real Estate Investment Trust that assumes ownership status in the property it invests in enabling investors of the REIT to earn dividends on rental income from the property and appreciation in property resale. Antithesis of a Mortgage REIT. with expertise in the acquisition, design, finance, development, construction management, and leasing and management of student housing properties. The company owns and manages 24 high-quality student housing properties containing approximately 15,600 beds. Including its owned properties, the company manages 43 student housing properties, representing 26,900 beds. For more information about the company, please go to the company website, at www.studenthousing.com. Forward-Looking Statements Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion