CCG Upsizes Unsecured Credit Facility to $300MM & Closes Freddie Financing

  CCG Upsizes Unsecured Credit Facility to $300MM & Closes Freddie Financing

Business Wire

CHARLOTTE, N.C. -- January 10, 2013

Campus Crest Communities, Inc. (NYSE: CCG) announced today that it has amended
and restated its unsecured credit facility, which is now comprised of a $250
million revolver and a $50 million term loan. This transaction is a
significant milestone for the Company for several reasons:

  *Increases facility size from $200 million to $300 million, with an
    accordion feature of up to $600 million^(1)
  *Extends initial term to four years with a one-year extension option^(1)
  *Provides ability to fully fund development properties while receiving
    borrowing base credit, which will make the development financing process
    more cost and time efficient
  *Reduces pricing on the leverage-based grid
  *Demonstrates support of existing bank group and adds new participants

“This is a solid step in our corporate growth, as it provides necessary
capital to continue to execute our growth plan. It indicates the faith and
trust our banking partners have in our plan and people,” said Ted W. Rollins,
CEO of Campus Crest.

The credit facility was arranged by Citigroup Global Markets, Inc., Barclays
Capital and Raymond James Bank, N.A. as Joint Lead Arrangers and Joint Book
Running Managers. Citibank, N.A. is the Administrative Agent, and Barclays
Bank PLC & Raymond James Bank, N.A. are Co-Syndication Agents. Bank of
America, N.A. & Royal Bank of Canada are Documentation Agents. New additions
to the banking group include Bank of America, N.A., PNC Bank, N.A., Compass
Bank (BBVA Compass) and Citizens Bank of Pennsylvania (RBS Citizens).

Additionally, the Company announced that it continues to selectively utilize
agency financing with the closing of a new 10-year, $18.1 million Freddie Mac
financing on The Grove at Statesboro, GA at a rate of 4.01%. Proceeds from
this financing were used to reduce outstanding balances under the Company’s
credit facility. This transaction represents the third series of permanent
financings the Company has completed with Freddie Mac.

“We continue to benefit from posting strong results, the support of our
banking partners and a favorable borrowing environment. The improved terms and
additional $100 million of capacity on the credit facility give us the
continued flexibility to pursue our growth objectives, which is important
given the number of opportunities in our pipeline over the next few years,”
said Donnie L. Bobbitt, Jr., the Company’s CFO. “With this transaction, we
added three assets to the unencumbered pool of the credit facility, resulting
in nearly 60% of our wholly owned operating assets being unencumbered. This is
important as we have an eye toward attaining an investment grade credit rating
in the future. Additionally, we took advantage of another attractive Freddie
financing, as we have selectively done at two other instances over the past 18
months. Prudently managing the balance sheet and opportunistically accessing
capital continue to be two primary focuses of Campus Crest.”

^(1) Accordion and extension option subject to certain conditions

About Campus Crest Communities, Inc.

Campus Crest Communities, Inc. is a leading developer, builder, owner and
manager of high-quality, residence life focused student housing properties
located close to college campuses in targeted U.S. markets. The Company is a
self-managed, self-administered and vertically-integrated real estate
investment trust which operates all of its properties under The Grove® brand.
The Company owns interests in 39 operating student housing properties
containing approximately 7,670 apartment units and 20,884 beds. The Company
has commenced construction of six projects containing approximately 1,314
units and 3,564 beds for delivery in the third quarter of 2013. Since its
inception, the Company has focused on customer service, privacy, on-site
amenities and its proprietary residence life programs to provide college
students across the United States with a higher quality of living. Additional
information can be found on the Company's website at

Forward-Looking Statements

This press release and other statements and information publicly disseminated
by the Company contain certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The Company intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995 and includes this statement for purposes of complying with
these safe harbor provisions. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that are not
historical facts. In some cases, you can identify forward-looking statements
by the use of forward-looking terminology such as "may," "will," "should,"
"expects," "intends," "plans," "anticipates," "believes," "estimates,"
"predicts" or "potential" or the negative of these words and phrases or
similar words or phrases which are predictions of or indicate future events or
trends and which do not relate solely to historical matters. You should not
rely on forward-looking statements since they involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are beyond the
Company's control that may cause actual results to differ significantly from
those expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance. Furthermore,
except as otherwise required by federal securities laws, the Company disclaims
any obligation to publicly update or revise any forward-looking statement to
reflect changes in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion of these and
other factors that could cause the Company's future results to differ
materially from any forward-looking statements, see the risk factors discussed
in the Company's most recent Annual Report on Form 10-K.

Source: Campus Crest Communities, Inc.


Campus Crest Communities, Inc.
Investor Relations
Thomas Nielsen, 704-496-2571
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