UDR Prices $400 Million of 2.100% Senior Unsecured Medium-Term Notes Due 2032
UDR, Inc. (the “Company”) (NYSE: UDR), announced today that it has priced an offering of $400 million aggregate principal amount of 2.100% senior unsecured medium-term notes due August 1, 2032. The notes were priced at 99.894% of the principal amount, plus accrued interest from July 21, 2020 to yield 2.110% to maturity.
Interest on the notes is payable semiannually on February 1 and August 1 with the first interest payment on February 1, 2021. The notes will mature on August 1, 2032 unless redeemed prior to that date.
The notes are fully and unconditionally guaranteed by United Dominion Realty, L.P.
The Company expects to use a portion of the net proceeds from the offering to fund the purchase of all of the Company’s 3.750% medium-term notes due 2024 accepted pursuant to the Company’s previously announced tender offer and the balance of the net proceeds to repay other outstanding indebtedness, including a portion of Company’s secured indebtedness due 2023, to fund potential acquisitions, or for other general corporate purposes.
The settlement of the offering is expected to occur on July 21, 2020, subject to the satisfaction of customary closing conditions.