MINNEAPOLIS, Sept. 20, 2021 /PRNewswire/ -- Centerspace
(NYSE: CSR) announced today that the Company has issued
$125 million of unsecured senior
notes. The transaction, organized by Prudential Private Capital,
has a weighted average interest rate of 2.63% with a weighted
average maturity of 10.46 years with tranches of $35 million in 2030, $50
million in 2031, $25 million
in 2032 and $15 million in 2034.
This is the fourth issuance of senior notes by the Company,
following the issuance of $75,
$50, and $50
million of senior unsecured notes to Prudential Private
Capital. Centerspace intends to use the proceeds to repay existing
indebtedness.
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 $100.2 billion
(as of 6.30.21)
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