Company Website:
http://www.camdenliving.com
HOUSTON -- (Business Wire)
Camden Property Trust (NYSE:CPT) today announced it has priced a $400
million offering of senior unsecured notes under its existing shelf
registration. These ten-year notes were issued at 99.893% of par value
with a coupon of 4.100%. Interest on the notes is payable semi-annually
on April 15 and October 15, with the first payment becoming due and
payable on April 15, 2019, and the notes will mature on October 15,
2028. Camden expects to use the net proceeds of approximately $396.1
million to repay the outstanding balance on its unsecured line of credit
and other short-term borrowings (including the amount drawn thereunder
to repay approximately $380 million of outstanding secured debt) and the
remainder for general corporate purposes. Settlement is scheduled for
October 4, 2018, subject to customary closing conditions.
BofA Merrill Lynch, Deutsche Bank Securities, Jefferies, J.P. Morgan and
Wells Fargo Securities are Joint Book-Running Managers and Credit
Suisse, SunTrust Robinson Humphrey, US Bancorp, BB&T Capital Markets,
MUFG, Regions Securities LLC and Scotiabank are Co-Managers in the
transaction.
Camden has filed a registration statement (including a prospectus) with
the Securities and Exchange Commission (SEC) for the offering to which
this communication relates. Before you invest, you should read the
prospectus in this 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 contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attn:
Prospectus Department, 200 North College Street NC1-004-03-43,
Charlotte, NC 28255-0001, Telephone: 1-800-294-1322, E-mail: dg.prospectus_requests@baml.com;
Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street,
New York, NY 10005-2836, Telephone: 1-800-503-4611, E-mail: prospectus.CPDG@db.com;
Jefferies LLC, Attn: High Grade Syndicate Desk, 520 Madison Avenue, 3rd
Floor, New York, NY 10022, Telephone: 1-877-877-0696; J.P. Morgan
Securities LLC, Attn: Investment Grade Syndicate Desk, 383 Madison
Avenue, New York, NY 10179, Telephone: 1-212-834-4533; and Wells Fargo
Securities, LLC, Attn: WFS Customer Service, 608 2nd Avenue
South, Suite 1000, Minneapolis, MN 55402, Telephone: 1-800-645-3751,
E-mail: wfscustomerservice@wellsfargo.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. Factors which may cause
Camden’s actual results or performance to differ materially from those
contemplated by forward-looking statements are described under the
heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in
other filings with the SEC. Forward-looking statements made in today’s
press release represent management’s current opinions at the time of
this publication, and Camden assumes no obligation to update or
supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company
engaged in the ownership, management, development, redevelopment,
acquisition, and construction of multifamily apartment communities.
Camden owns interests in and operates 159 properties containing 54,480
apartment homes across the United States. Upon completion of 8
properties currently under development, the Company’s portfolio will
increase to 56,858 apartment homes in 167 properties. Camden was
recently named by FORTUNE Magazine for the eleventh consecutive year as
one of the “100 Best Companies to Work For” in America, ranking #24.
For additional information, please contact Camden’s Investor Relations
Department at (713) 354-2787.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181002006098/en/
Contacts:
Camden Property Trust
Kim Callahan, 713-354-2549
Source: Camden Property Trust
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