SCOTTSDALE, Ariz., Nov. 20, 2013 /PRNewswire/ -- American Residential Properties, Inc. (NYSE: ARPI) (the "Company") today announced that American Residential Properties OP, L.P. (the "Operating Partnership"), the majority-owned subsidiary through which the Company conducts its operations, has commenced a private offering of $100 million aggregate principal amount of the Operating Partnership's Exchangeable Senior Notes due 2018, which will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The notes will be senior unsecured obligations of the Operating Partnership and will be guaranteed by the Company on a senior unsecured basis. The interest rate, exchange rate and other terms of the notes will be determined by negotiations between the Company, the Operating Partnership and the initial purchasers of the notes. The Operating Partnership expects to grant the initial purchasers a 30-day option to purchase up to an additional $15 million aggregate principal amount of the notes to cover over-allotments, if any. The Operating Partnership intends to use the net proceeds from the offering to repay amounts outstanding under the Company's senior secured revolving credit facility and for general corporate purposes. The notes and any shares of the Company's common stock that may be issued upon exchange of the notes have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This release shall not constitute an offer to sell or a solicitation of an offer to buy any of the notes or shares of the Company's common stock, nor shall there be any sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such jurisdiction. Any offers of the securities will be made only by means of a private offering memorandum.
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