AMB Property Corporation Announces Sale of $400 Million of Debt Securities.SAN FRANCISCO--(BUSINESS WIRE)--June 25, 1998--AMB Property Corporation (NYSE NYSE See: New York Stock Exchange :AMB AMB Ambient AMB Ambassador AMB Amber AMB Ambulance AMB Associação Médica Brasileira (Brazil) AMB Ambulatory AMB Advanced Memory Buffer (FBDIMM control unit on DRAM) ) announced today the sale of $400 million of senior unsecured notes by its operating partnership, AMB Property, L.P.
-- $175 million of 7.10% notes due 2008
-- $125 million of 7.50% notes due 2018
-- $100 million of 6.90% of Reset Put Securities "REPS" due
2015, putable/callable 2005.
The securities are rated Baa1 by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. by Standard & Poor's Corporation, and BBB+ by Duff & Phelps Credit Rating Company. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering will be used to repay borrowings outstanding under the Company's $500 million unsecured line of credit. Morgan Stanley Dean Witter acted as lead underwriter in the offering, with Goldman, Sachs & Co. and J.P. Morgan & Co. as co-managers. AMB Property Corporation, one of the largest public REITs in the country, is a national real estate operating company focusing on industrial properties and communityshopping centers. AMB owns and operates 464 industrial buildings and retail centers totaling over 52 million square feet located in 28 markets nationwide, including Chicago, San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , Los Angeles, Boston, Minneapolis, Dallas/Fort Worth, Atlanta, Northern New Jersey, Seattle, and Miami. As of March 31, 1998, the Company had 89.5 million shares and units outstanding.
CONTACT: AMB
Jean Collier Hurley, 415/394-9000 (IR)
www.amb.com
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