HOUSTON--()--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.