Centerspace Issues $125 Million Of Unsecured Notes
Centerspace (NYSE: CSR) announced the issuance of $125 million in unsecured senior notes with a 2.63% weighted average interest rate and a maturity of 10.46 years. The proceeds will be used to repay existing debt. This marks the company's fourth issuance of senior notes, following prior issuances of $75 million, $50 million, and $50 million. Institutional investors include Prudential Private Capital and Allianz Global Investors. CEO Mark O. Decker Jr. stated the transaction helps strengthen the company’s balance sheet by extending debt maturity and lowering capital costs.
- Issuance of $125 million in unsecured senior notes strengthens the balance sheet.
- Weighted average interest rate of 2.63% is competitive, reducing overall cost of capital.
- Extending debt maturity schedule improves financial flexibility.
- None.
MINNEAPOLIS, Sept. 20, 2021 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today that the Company has issued
This is the fourth issuance of senior notes by the Company, following the issuance of
The institutional investors involved in this transaction were Prudential Private Capital, Allianz Global Investors, Nationwide and Nassau Life Insurance Company.
"We are happy to partner again with Prudential and expand our access to the private placement market," said Mark O. Decker Jr., President and CEO. "This transaction allows us to further strengthen our balance sheet by extending our debt maturity schedule and reducing our cost of capital."
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company currently owns 79 apartment communities consisting of 14,275 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
About Prudential Private Capital
For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights, guidance, and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners' long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of
If you would like more information about this topic, please contact Emily Miller, Investor Relations, at (701) 837-7104 or IR@centerspacehomes.com.
Contact Information
Emily Miller, Investor Relations
Phone : (701) 837-7104
E-mail : IR@centerspacehomes.com
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SOURCE Centerspace
FAQ
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