TORRANCE, Calif., April 8, 2021 /PRNewswire/ -- WASH Multifamily Acquisition Inc. (the "Company") announced today the pricing of a private offering of $850 million aggregate principal amount of 5.750% senior secured notes due 2026 (the "Notes"). The Notes will be guaranteed by WASH Multifamily Parent Inc., the direct parent company of the Company, and the Company's wholly-owned domestic restricted subsidiaries that will guarantee the new super senior secured revolving credit facility (the "New Revolving Credit Facility") that the Company expects to enter into. The Notes and the guarantees will be secured on a pari passu basis with the collateral securing such New Revolving Credit Facility, subject to the prior payment of such New Revolving Credit Facility from proceeds of the collateral. The Notes will mature on April 15, 2026. The offering of the Notes is expected to close on April 19, 2021, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering of the Notes to repay all outstanding indebtedness under its existing credit facilities and pay related fees and expenses. The Company intends to use any remaining proceeds for general corporate purposes.
The offering of the Notes is being made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), in the United States only to persons reasonably believed to be "qualified institutional buyers," as that term is defined in Rule 144A under the Securities Act, or outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements This release contains forward-looking statements based on current expectations or beliefs, as well as assumptions about future events, and these statements are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The words "expect," "estimate," "anticipate," "predict," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this release and include, among other things, statements related to the offering of Notes and whether or not the Company will consummate the offering. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Many factors could cause actual results to differ materially from those described in these forward-looking statements. The forward-looking statements in this release speak only as of this date and the Company undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.