Centerspace Issues $125 Million Of Unsecured Notes

BY PR Newswire | CORPORATE | 09/20/21 09:00 AM EDT

MINNEAPOLIS, Sept. 20, 2021 /PRNewswire/ -- Centerspace (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 (CSR) 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 (CSR)
Centerspace (CSR) 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 (CSR) 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

(PRNewsfoto/Centerspace)

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SOURCE Centerspace (CSR)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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