Camden Property Trust Prices $200 Million Senior Unsecured Notes.Business Editors HOUSTON--(BUSINESS WIRE)--Nov. 20, 2002 Camden Property Trust (NYSE NYSE See: New York Stock Exchange :CPT CPT See: Carriage Paid To ) today announced that it priced a $200 million offering of senior unsecured notes under its existing shelf registration. These ten-year notes, rated Baa2 by Moody's and 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 and Fitch, were issued at 99.565% of par value with a coupon of 5.875%. Interest on the notes is payable semi-annually on May 30 and Nov. 30, and the notes will mature on Nov. 30, 2012. The Company will use 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 approximately $198 million to reduce the balance outstanding under its unsecured credit facility. Settlement is scheduled for Nov. 22, 2002. Camden Property Trust is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 147 properties containing 52,636 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of three properties under development, the Company's portfolio will increase to 53,802 apartment homes in 150 properties. For additional information, please contact Camden's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at 800/9Camden or 713/354-2787 or access our Web site at http://www.camdenliving.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion