HOUSTON--(BUSINESS WIRE)--
Camden Property Trust (NYSE:CPT) today announced that it has priced a
$350 million offering of senior unsecured notes under its existing shelf
registration. These ten-year notes were issued at 98.945% of par value
with a coupon of 2.950%. Interest on the notes is payable semi-annually
on June 15 and December 15, with the first payment becoming due and
payable on June 15, 2013, and the notes will mature on December 15,
2022. The Company expects to use the net proceeds of approximately
$343.7 million to repay the outstanding balance on its unsecured line of
credit, and the remainder 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 7, 2012.
BofA Merrill Lynch, J.P. Morgan, US Bancorp and Wells Fargo Securities
are Joint Book-Running Managers for the offering. Credit Suisse,
Deutsche Bank Securities and SunTrust Robinson Humphrey are Senior
Co-Managers, and BB&T Capital Markets, Capital One Southcoast,
Mitsubishi UFJ Securities, PNC Capital Markets LLC, Scotiabank are
Junior Co-Managers in the transaction.
The issuer 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 the issuer has filed with the SEC for more
complete information about the issuer and this offering. You may get
these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer, 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 toll free at 212-834-4533,
Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322,
U.S. Bancorp Investments, Inc. at 877-558-2607 or Wells Fargo
Securities, LLC at 1-800-326-5897.
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 193 properties containing 65,545 apartment homes across
the United States. Upon completion of six properties under development,
the Company's portfolio will increase to 67,585 apartment homes in 199
properties. Camden was recently named by FORTUNE® Magazine for the fifth
consecutive year as one of the “100 Best Companies to Work For” in
America, ranking #7.
For additional information, please contact Camden’s Investor Relations
Department at (800) 922-6336 or (713) 354-2787.
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust