WASH Multifamily Acquisition Inc. has announced the pricing of a private offering of US$850 million aggregate principal amount of 5.75% senior secured notes due 2026. 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 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.
Latham & Watkins LLP represents the initial purchasers in the offering with a capital markets team led by New York partner Stelios Saffos and Washington, D.C. counsel Chuck Cassidy, with New York associates Jonathan Guest, Jonathan Hernandez, and James Sullivan. Advice was also provided on banking matters by New York partner Nicole Fanjul, with New York associates Carlos Ibarguengoitia and Pad Rosand.