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 99.231% of par value
with a coupon of 3.50%. Interest on the notes is payable semi-annually
on March 15 and September 15, with the first payment becoming due and
payable on March 15, 2015, and the notes will mature on September 15,
2024. The Company expects to use the net proceeds of approximately
$245.7 million 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 September 10, 2014, subject to customary
closing conditions.
BofA Merrill Lynch, J.P. Morgan, Wells Fargo Securities and Jefferies
are Joint Book-Running Managers, Credit Suisse, Deutsche Bank
Securities, SunTrust Robinson Humphrey and US Bancorp are Senior
Co-Managers, and BB&T Capital Markets, Capital One Securities,
Mitsubishi UFJ Securities, 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 J.P. Morgan Securities LLC collect at 1-212-834-4533, Merrill
Lynch, Pierce, Fenner & Smith Incorporated toll free at 1-800-294-1322,
Wells Fargo Securities, LLC toll-free at 1-800-326-5897 or Jefferies LLC
toll free at 1-877-547-6340.
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, management, development, redevelopment,
acquisition, and construction of multifamily apartment communities.
Camden owns interests in and operates 170 properties containing 60,038
apartment homes across the United States. Upon completion of 13
properties under development, the Company’s portfolio will increase to
64,152 apartment homes in 183 properties. Camden was recently named by
FORTUNE® Magazine for the seventh consecutive year as one of the “100
Best Companies to Work For” in America, ranking #11.
For additional information, please contact Camden’s Investor Relations
Department at (800) 922-6336 or (713) 354-2787.
Copyright Business Wire 2014