BRE Properties Prices $130 Million Senior Unsecured Notes Offering.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 19, 1998--BRE Properties Inc. (NYSE NYSE See: New York Stock Exchange :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than ) announced today that the company priced a $130 million offering of senior unsecured notes under a shelf registration statement that has been declared effective by the Securities and Exchange Commission. The notes will bear an interest rate of 7.125% payable semi-annually on February 15 and August 15 and will mature on February 15, 2013. These 15-year notes were priced at 99.95 percent of par value to yield 7.13% to maturity, or 162 basis points over ten-year U.S. Treasuries. The 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). of the offering of approximately $129.0 million will be used to reduce borrowings under BRE's unsecured credit lines. Of the $300 million available to the company under the credit lines, approximately $213 million was drawn prior to the application of proceeds from the current offering. "Maintenance of a strong balance sheet is a key component of BRE's business plan," said Frank C. McDowell, BRE's president and Chief Executive Officer. "This debt transaction provides the company with additional financial flexibility to support future growth." The offering was underwritten by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. Supplement can be obtained by contacting Morgan Stanley Dean Witter's Prospectus Department at 212/761-4000. BRE Properties, Inc. is a self-administered, self-managed and fully integrated real estate investment trust focusing on the acquisition, development, ownership and management of multifamily properties in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . BRE owns and operates 75 apartment communities totaling 18,857 units in California, Arizona, Washington, Oregon, Nevada, New Mexico, Utah and Colorado. The company currently has eight other apartment communities under development totaling 2,445 units. Additional information about BRE can be found on the company's web site (http://breproperties.com). CONTACT: BRE Properties Inc. Lauren L. Barr, 415/445-6523 |
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