This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CCG Upsizes Unsecured Credit Facility To $300MM & Closes Freddie Financing

Campus Crest Communities, Inc. (NYSE: CCG) announced today that it has amended and restated its unsecured credit facility, which is now comprised of a $250 million revolver and a $50 million term loan. This transaction is a significant milestone for the Company for several reasons:
  • Increases facility size from $200 million to $300 million, with an accordion feature of up to $600 million (1)
  • Extends initial term to four years with a one-year extension option (1)
  • Provides ability to fully fund development properties while receiving borrowing base credit, which will make the development financing process more cost and time efficient
  • Reduces pricing on the leverage-based grid
  • Demonstrates support of existing bank group and adds new participants

“This is a solid step in our corporate growth, as it provides necessary capital to continue to execute our growth plan. It indicates the faith and trust our banking partners have in our plan and people,” said Ted W. Rollins, CEO of Campus Crest.

The credit facility was arranged by Citigroup Global Markets, Inc., Barclays Capital and Raymond James Bank, N.A. as Joint Lead Arrangers and Joint Book Running Managers. Citibank, N.A. is the Administrative Agent, and Barclays Bank PLC & Raymond James Bank, N.A. are Co-Syndication Agents. Bank of America, N.A. & Royal Bank of Canada are Documentation Agents. New additions to the banking group include Bank of America, N.A., PNC Bank, N.A., Compass Bank (BBVA Compass) and Citizens Bank of Pennsylvania (RBS Citizens).

Additionally, the Company announced that it continues to selectively utilize agency financing with the closing of a new 10-year, $18.1 million Freddie Mac financing on The Grove at Statesboro, GA at a rate of 4.01%. Proceeds from this financing were used to reduce outstanding balances under the Company’s credit facility. This transaction represents the third series of permanent financings the Company has completed with Freddie Mac.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $155.00 -12.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs