12:09 PM EDT, 08/20/2024 (MT Newswires) -- Independence Realty Trust ( IRT ) said Tuesday an institutional investor agreed to purchase $150 million unsecured notes in a private placement.

The placement consists of $75 million of 5.32% notes maturing in 2031 and $75 million of 5.53% notes due in 2034, with fixed annual interest rates, the real estate investment trust said.

The transaction is expected to close in Q4.

Independence Realty Trust ( IRT ) plans to use the net proceeds to repay secured mortgage debt maturing in 2025 and borrowings under its revolving credit facility.

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