HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced the closing of a $500
million unsecured revolving credit facility. The initial term of the
credit facility is two years, and it may be extended at the Company's
option for an additional one year period. The credit facility also
contains an accordion feature, which allows the Company to increase its
credit facility amount up to $600 million.
Borrowing rates under the credit facility float at a margin over LIBOR
plus an annual facility fee. Both the margin and the facility fee are
priced off a grid that is tied to the Company’s senior unsecured credit
ratings. Based on the Company’s current senior unsecured credit rating
the LIBOR margin is 2.1% and the annual facility fee is 0.4%.
Banc of America Securities LLC and J.P. Morgan Securities Inc. were
Joint Bookrunners and Joint Lead Arrangers. Bank of America, N.A. serves
as the Administrative Agent, JPMorgan Chase Bank, N.A. serves as the
Syndication Agent, and Wells Fargo Bank, N.A., SunTrust Bank, PNC Bank,
National Association, Regions Bank, Credit Suisse AG, Cayman Islands
Branch and Deutsche Bank Trust Company Americas, all serve as
Documentation Agents. The Bank of Nova Scotia, ING Real Estate Finance
(USA) LLC, and U.S. Bank National Association all serve as Managing
Agents. Other lenders involved in the transaction include Branch Banking
& Trust Company, Chevy Chase Bank, a division of Capital One, N.A.,
Comerica Bank, Compass Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and
First Commercial Bank, Los Angeles Branch.
Additional information regarding the credit facility can be found in the
Company’s Form 8-K filed on August 19, 2010 with the Securities and
Exchange Commission (SEC).
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. Factors which may cause
the Company’s actual results or performance to differ materially from
those contemplated by forward-looking statements are described under the
heading “Risk Factors” in Camden’s Annual Report on Form 10-K and
in other filings with the Securities and Exchange Commission (SEC).
Forward-looking statements made in today’s press release represent
management’s current opinions, and the Company assumes no obligation to
update or supplement these statements because of subsequent events.
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 187 properties containing 64,074 apartment homes across
the United States. Camden was recently named by FORTUNE® Magazine for
the third consecutive year as one of the “100 Best Companies to Work
For” in America, placing 10th on the list.
For additional information, please contact Camden’s Investor Relations
Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
Source: Camden Property Trust
Contact:
Camden Property Trust
Kim Callahan, 713-354-2549