Deal details

Blackstone Acquisition of American Campus Communities - HoldCo Financing

Description

American Campus Communities is a publicly traded REIT that is the largest developer, owner, and manager of high-quality student housing communities in the U.S. Blackstone announced their acquisition of ACC in April 2022. The financing relates exclusively to the portion of the portfolio that includes on-campus housing underpinned by public-private partnership agreements / long term ground leases with the universities.The Portfolio HoldCo structure which will incorporate 34 on campus assets with long term Ground Lease Concessions. ACC’s on campus portfolio consists of over 27,000 beds and $3.7bn of enterprise value across 18 universities.

Assets involved

Companies involved

  • Blackstone Group
  • Societe Generale, Canadian Imperial Bank of Commerce (CIBC)
  • KeyBank, Sumitomo Mitsui Banking Corporation (SMBC), MUFG
  • MUFG, Societe Generale, Canadian Imperial Bank of Commerce (CIBC), KeyBank, National Australia Bank (NAB), Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Sumitomo Mitsui Banking Corporation (SMBC), MUFG, KeyBank
  • Paul Hastings
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Simpson Thacher Bartlett
  • Sumitomo Mitsui Banking Corporation (SMBC)

Key information

ABACUS PF BORROWER A LLC

2700$m

09-08-2022

Social infrastructure / Social housing

United States

Project & Infrastructure Finance

PPP

Tranche information

Term Loan

2700$m

US Dollar - USD

0

5.0 years

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Participant role ticket size
MUFG MLA 300$m
Sumitomo Mitsui Banking Corporation (SMBC) MLA 1,700$m
KeyBank MLA 300$m
Canadian Imperial Bank of Commerce (CIBC) MLA 150$m
Societe Generale MLA 150$m
National Australia Bank (NAB) MLA 100$m