Home Properties Offering $175M of Notes

Home Properties LP, a subsidiary of Rochester, N.Y.-based Home Properties Inc., has priced an offering of $175 million aggregate principal amount of exchangeable senior notes due in 2026.In addition, Home Properties said the subsidiary is offering $25 million of notes that may be issued, at the option of the initial purchasers, within 12 days. The company said it expects to use about $58 million of the approximately $172 million of net proceeds to repurchase shares of its common stock, about $70 million to repay debt under its revolving credit facility, and the remainder for general corporate purposes. Home Properties, an apartment real estate investment trust, can be found online at http://www.homeproperties.com.