Camden Property Trust Prices $350 Million 2.950% Senior Unsecured Notes Due
HOUSTON -- December 04, 2012
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
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