Company Website:
http://www.camdenliving.com
HOUSTON -- (Business Wire)
Camden Property Trust (NYSE:CPT) today announced it has priced a $600
million offering of senior unsecured notes under its existing shelf
registration. These ten-year notes were issued at 99.751% of par value
with a coupon of 3.150%. Interest on the notes is payable semi-annually
on January 1 and July 1, with the first payment becoming due and payable
on January 1, 2020, and the notes will mature on July 1, 2029. Camden
expects to use the net proceeds of approximately $593.4 million to repay
the outstanding balance on its unsecured line of credit and 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 June 17, 2019, subject to
customary closing conditions.
BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp
Investments, Inc. are Joint Book-Running Managers, PNC Capital Markets
LLC and Wells Fargo Securities, LLC are Senior Co-Managers and BB&T
Capital Markets, a division of BB&T Securities, LLC, Regions Securities
LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC 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 calling BofA Securities, Inc. toll-free at 1-800-294-1322, Deutsche
Bank Securities Inc. toll-free at 1-800-503-4611, J.P. Morgan Securities
LLC collect at 1-212-834-4533, SunTrust Robinson Humphrey, Inc.
toll-free at 1-800-685-4786, or U.S. Bancorp Investments, Inc. toll-free
at 1-877-558-2607.
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
primarily engaged in the ownership, management, development,
redevelopment, acquisition, and construction of multifamily apartment
communities. Camden owns interests in and operates 165 properties
containing 56,271 apartment homes across the United States. Upon
completion of 5 properties currently under development, the Company’s
portfolio will increase to 57,843 apartment homes in 170 properties.
Camden was recently named by FORTUNE Magazine for the 12th consecutive
year as one of the 100 Best Companies to Work For® in America, ranking
#19.
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/20190606005830/en/
Contacts:
Kim Callahan, 713-354-2549
Source: Camden Property Trust
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