HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced that it priced a $500
million offering of senior unsecured notes under its existing shelf
registration.
The offering consists of $250 million of ten-year notes and $250 million
of twelve-year notes. The ten-year notes were issued at 99.404% of par
value with a coupon of 4.625%. The twelve-year notes were issued at
98.878% of par value with a coupon of 4.875%. Interest on the notes is
payable semi-annually on June 15 and December 15, with the first payment
becoming due and payable on December 15, 2011. The ten-year notes will
mature on June 15, 2021 and the twelve-year notes will mature on June
15, 2023. Settlement is scheduled for June 3, 2011.
Camden intends to use the net proceeds of approximately $492.2 million
from the sale of the notes, after deducting underwriting discounts and
other offering expenses, together with cash on hand, for the repayment
of an outstanding $500 million term loan.
BofA Merrill Lynch, Deutsche Bank Securities, J.P. Morgan, Credit
Suisse, Morgan Stanley and Wells Fargo Securities were Joint
Book-Running Managers for the offering. Comerica Securities, Morgan
Keegan, PNC Capital Markets LLC, Scotia Capital, SunTrust Robinson
Humphrey and US Bancorpserved as Co-Managers in the transaction.
Camden has filed a registration statement (including a prospectus) with
the SEC for the offering of the notes. 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 Deutsche Bank Securities Inc. toll-free at 1-800-503-4611,
J.P. Morgan Securities LLC at 212-834-4533 or Merrill Lynch, Pierce,
Fenner & Smith Incorporated toll free at 1-800-294-1322. You also may
e-mail a request to dg.prospectus_requests@baml.com
or prospectusrequest@list.db.com.
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 188 properties containing 64,248 apartment homes across
the United States. Upon completion of seven properties under
development, the Company's portfolio will increase to 66,213 apartment
homes in 195 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.
Source: Camden Property Trust
Contact:
Camden Property Trust
Kim Callahan, 713-354-2549