Camden Property Trust (NYSE:CPT) today announced that it has priced a
$250 million offering of senior unsecured notes under its existing shelf
registration. These ten-year notes were issued at 99.814% of par value
with a coupon of 4.250%. Interest on the notes is payable semi-annually
on January 15 and July 15, with the first payment becoming due and
payable on July 15, 2014, and the notes will mature on January 15, 2024.
The Company expects to use the net proceeds of approximately $247.4
million to pay at maturity the $200 million aggregate principal amount
outstanding of its 5.375% Senior Notes due December 15, 2013, plus
accrued and unpaid interest to the date of maturity, and the remainder
to repay any outstanding balance on its unsecured line of credit and
other short-term borrowings and for general corporate purposes, which
may include property acquisitions and development in the ordinary course
of business, capital expenditures and working capital. Settlement is
scheduled for December 2, 2013.
Credit Suisse, Deutsche Bank Securities, SunTrust Robinson Humphrey and
US Bancorp are Joint Book-Running Managers, J.P. Morgan, BofA Merrill
Lynch and Wells Fargo Securities are Senior Co-Managers, and BB&T
Capital Markets, Mitsubishi UFJ Securities, PNC Capital Markets LLC,
Regions Securities LLC and Scotiabank are Junior Co-Managers in the
transaction.
Camden 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 Camden has filed with the SEC for more complete
information about Camden and this offering. You may get these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, Camden, any underwriter or any dealer participating in
the offering will arrange to send you the prospectus if you request it
by calling Credit Suisse Securities (USA) LLC toll free at
1-800-221-1037, Deutsche Bank Securities Inc. toll free at
1-800-503-4611, SunTrust Robinson Humphrey, Inc. toll free at
1-800-685-4786 or U.S. Bancorp Investments, Inc. toll free at
877-558-2607.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
notes in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or other
jurisdiction.
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These
statements are based on current expectations, estimates and projections
about the industry and markets in which Camden operates, management's
beliefs, and assumptions made by management. Forward-looking statements
are not guarantees of future performance and involve certain risks and
uncertainties which are difficult to predict.
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, development, acquisition, management and
disposition of multifamily apartment communities. Camden owns interests
in and operates 178 properties containing 62,074 apartment homes across
the United States. Upon completion of 12 properties under development,
the Company's portfolio will increase to 65,718 apartment homes in 190
properties. Camden was recently named by FORTUNE® Magazine for the sixth
consecutive year as one of the “100 Best Companies to Work For” in
America, ranking #10.
For additional information, please contact Camden’s Investor Relations
Department at (800) 922-6336 or (713) 354-2787.
Copyright Business Wire 2013