Registration No. 333-217491
Registration No. 333-217491-01
October 2, 2019
PRICING TERM SHEET
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3.200% Medium-Term Notes due 2030 | |
Issuer: | UDR, Inc. |
Expected Ratings (Moody's/ S&P)*: | Baa1 (Stable) / BBB+ (Stable) |
Security: | 3.200% Medium-Term Notes due 2030 |
Guarantee: | Fully and unconditionally guaranteed by United Dominion Realty, L.P. |
Principal Amount: | $100,000,000. The 3.200% Medium-Term Notes due 2030 offered hereby (the “additional 2030 Notes”) will be issued as additional notes under the indenture pursuant to which the issuer previously issued $300,000,000 aggregate principal amount of 3.200% Medium-Term Notes due 2030 on July 2, 2019 (the “existing 2030 Notes” and, together with the additional 2030 Notes, the “2030 Notes”). The additional 2030 Notes will be fungible with and will be consolidated and form a single series with the existing 2030 Notes. The additional 2030 Notes will have the same CUSIP number and will trade interchangeably with the existing 2030 Notes immediately upon settlement. Upon completion of this offering, the aggregate principal amount of outstanding 2030 Notes will be $400,000,000. |
Maturity Date: | January 15, 2030 |
Coupon: | 3.200% |
Interest Payment Dates: | January 15 and July 15, commencing January 15, 2020 |
Price to Public: | 103.319% of the principal amount, plus accrued interest in the amount of $880,000 in the aggregate from and including July 2, 2019 to, but excluding, the Settlement Date |
Denominations: | $2,000 and integral multiples of $1,000 |
Benchmark Treasury: | 1.625% due August 15, 2029 |
Benchmark Treasury Price/Yield: | 100-11 / 1.587% |
Spread to Benchmark Treasury: | T+123 bps |
Re-Offer Yield: | 2.817% |
Optional Redemption Provisions: |
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Make-Whole Call: | T+20 bps |
Par Call: | Redemption at par plus accrued and unpaid interest on or after October 15, 2029 as set forth in the preliminary pricing supplement |
Trade Date: | October 2, 2019 |
Settlement Date: | October 11, 2019 (T+7); since trades in the secondary market generally settle in two business days, purchasers who wish to trade notes on the date hereof or the next succeeding four business days will be required, by virtue of the fact that the notes initially will settle in T+7, to specify alternative settlement arrangements to prevent a failed settlement. |
CUSIP: | 90265EAQ3 |
ISIN: | US90265EAQ35 |
Joint Book-Running Managers: | Wells Fargo Securities, LLC |
| BofA Securities, Inc. |
| Jefferies LLC U.S. Bancorp Investments, Inc. |
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Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751, BofA Securities, Inc. toll-free at 1-800-294-1322, Jefferies LLC toll-free at 1-877-877-0696, or U.S. Bancorp Investments, Inc. toll-free at 1-877-588-2607.
Filed Pursuant to Rule 433
Registration No. 333-217491
Registration No. 333-217491-01
October 2, 2019
PRICING TERM SHEET
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3.100% Medium-Term Notes due 2034 | |
Issuer: | UDR, Inc. |
Expected Ratings (Moody's/ S&P)*: | Baa1 (Stable) / BBB+ (Stable) |
Security: | 3.100% Medium-Term Notes due 2034 |
Guarantee: | Fully and unconditionally guaranteed by United Dominion Realty, L.P. |
Principal Amount: | $300,000,000 |
Maturity Date: | November 1, 2034 |
Coupon: | 3.100% |
Interest Payment Dates: | May 1 and November 1, commencing May 1, 2020 |
Price to Public: | 99.557% of the principal amount, plus accrued interest from October 11, 2019 |
Denominations: | $2,000 and integral multiples of $1,000 |
Benchmark Treasury: | 1.625% due August 15, 2029 |
Benchmark Treasury Price/Yield: | 100-11 / 1.587% |
Spread to Benchmark Treasury: | T+155 bps |
Yield to Maturity: | 3.137% |
Optional Redemption Provisions: |
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Make-Whole Call: | T+25 bps; |
Par Call: | Redemption at par plus accrued and unpaid interest on or after August 1, 2034 as set forth in the preliminary pricing supplement |
Trade Date: | October 2, 2019 |
Settlement Date: | October 11, 2019 (T+7); since trades in the secondary market generally settle in two business days, purchasers who wish to trade notes on the date hereof or the next succeeding four business days will be required, by virtue of the fact that the notes initially will settle in T+7, to specify alternative settlement arrangements to prevent a failed settlement. |
CUSIP: | 90265EAS9 |
ISIN: | US90265EA90 |
Joint Book-Running Managers: | Wells Fargo Securities, LLC |
| BofA Securities, Inc. |
| Jefferies LLC U.S. Bancorp Investments, Inc. |
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Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751, BofA Securities, Inc. toll-free at 1-800-294-1322, Jefferies LLC toll-free at 1-877-877-0696, or U.S. Bancorp Investments, Inc. toll-free at 1-877-588-2607.
