HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE: CPT) today announced the closing of an
amended and restated $500 million unsecured revolving credit facility.
The initial term of the credit facility is four 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 $750 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 1.1% and the annual facility fee is 0.175%.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan
Securities LLC served as Joint Lead Arrangers and Joint Bookrunners.
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, Deutsche Bank Securities
Inc., Regions Bank, and U.S. Bank National Association all serve as
Documentation Agents. Credit Suisse AG, Cayman Islands Branch and The
Bank of Nova Scotia serve as Managing Agents. Other lenders involved in
the transaction include Branch Banking & Trust Company, Capital One,
N.A., Comerica Bank, Compass Bank, and The Bank of Tokyo-Mitsubishi UFJ,
Ltd.
Additional information regarding the credit facility can be found in the
Company’s Form 8-K filed on September 26, 2011 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.
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 197 properties containing 67,452 apartment homes across
the United States. Upon completion of eight properties under
development, the Company's portfolio will increase to 69,661 apartment
homes in 205 properties. Camden was recently named by FORTUNE® Magazine
for the fourth consecutive year as one of the “100 Best Companies to
Work For” in America, placing 7th 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.
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust