- UDR (NYSE:UDR) on Monday announced that it has priced an offering of $300 million aggregate principal amount of 5.125% senior unsecured notes due 2034.
- The notes were priced at 98.977% of the principal amount, plus accrued interest from August 15, 2024 to yield 5.257% to maturity.
- The effective interest rate of the notes is 5.08%, including the impact of prior interest rate hedges, but excluding offering costs.
- Interest is payable on the notes semiannually on March 1 and September 1 with the first interest payment on March 1, 2025. The notes will mature on September 1, 2034 unless redeemed prior to that date.
- The company expects to use the net proceeds from the offering for repayment of currently outstanding indebtedness under its commercial paper program and general corporate purposes.
- The settlement of the offering is expected to occur on August 15, 2024.
- Source: Press Release
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