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UDR, Inc. — Capital/Financing Update 2020
Nov 30, 2020
30426_rns_2020-11-30_acd21b59-df79-4708-8a4d-df99f44003ba.zip
Capital/Financing Update
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Filed Pursuant to Rule 433
Registration No. 333-236846
Registration No. 333-236846-01
November 30, 2020
PRICING TERM SHEET
| 1.900% Medium-Term Notes due 2033 | |
|---|---|
| Issuer: | UDR, Inc. |
| Expected Ratings (Moody’s / S&P)*: | Baa1 (Stable) / BBB+ (Stable) |
| Security Title: | 1.900% Medium-Term Notes due 2033 |
| Guarantee: | Fully and unconditionally guaranteed by United Dominion Realty, L.P. |
| Principal Amount: | $350,000,000 |
| Maturity Date: | March 15, 2033 |
| Coupon: | 1.900% |
| Interest Payment Dates: | March 15 and September 15, commencing on March 15, 2021 |
| Price to Public: | 99.578% of the principal amount |
| Denominations: | $2,000 and integral multiples of $1,000 |
| Benchmark Treasury: | 0.875% due November 15, 2030 |
| Benchmark Treasury Price/Yield: | 100-11 / 0.839% |
| Spread to Benchmark Treasury: | T+110 bps |
| Re-Offer Yield: | 1.939% |
| Optional Redemption Provisions: Make-Whole Call: Par Call: | T+20 bps Redemption at par plus accrued and unpaid interest on or after December 15, 2032 as set forth in the preliminary pricing supplement |
| Trade Date: | November 30, 2020 |
| Settlement Date: | December 14, 2020 (T+10); 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 seven business days will be required, by virtue of the fact that the notes initially will |
| settle in T+10, to specify alternative settlement arrangements to prevent a failed settlement. | |
|---|---|
| CUSIP: | 90265EAU4 |
| ISIN: | US90265EAU47 |
| Joint Book-Running Managers: | BofA Securities, Inc. J.P. Morgan Securities LLC U.S. Bancorp Investments, Inc. TD Securities (USA) LLC Truist Securities, Inc. |
| Co-Managers: | Citigroup Global Markets Inc. PNC Capital Markets LLC Regions Securities LLC Wells Fargo Securities, LLC Morgan Stanley & Co. LLC RBC Capital Markets, LLC BNY Mellon Capital Markets, LLC MUFG Securities Americas Inc. Samuel A. Ramirez & Company, Inc. |
*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, copies of these documents may be obtained by contacting (i) BofA Securities, Inc., Toll-free: 1-800-294-1322, or by emailing [email protected]; (ii) J.P. Morgan Securities LLC, Collect: 1-212-834-4533; or (iii) U.S. Bancorp Investments, Inc, Toll-free: 1 877-558-2607 .