Camden Property Trust Prices $250 Million Senior Unsecured Notes.HOUSTON -- Camden Property Trust (NYSE NYSE See: New York Stock Exchange :CPT CPT See: Carriage Paid To ) today announced that it priced a $250 million offering of senior unsecured notes under its existing shelf registration. These ten-year notes were issued at 99.369% of par value with a coupon of 5.0%. Interest on the notes is payable semi-annually on June 15 and December 15, with the first payment becoming due and payable on December 15, 2005, and the notes will mature on June 15, 2015. The Company expects to 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 $247 million to reduce the balance outstanding under its unsecured credit facility. Settlement is scheduled for June 7, 2005. The Company's senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. is currently 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. "We are very pleased with the execution of this transaction," said Richard J. Campo, Chairman and Chief Executive Officer of Camden. "We successfully obtained long-term financing Long-term financing Liabilities repayable in more than one year plus equity. at extremely attractive rates, and we completed the offering ahead of schedule." Deutsche Bank Securities and Wachovia Securities were Joint Book-Running Managers for the offering. Wells Fargo Securities, Citigroup, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and Comerica Securities served as Co-Managers in the transaction. 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. 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 191 properties containing 65,992 apartment homes across the United States. Upon completion of seven properties under development, the Company's portfolio will increase to 68,520 apartment homes in 198 properties. For additional information, please contact Camden's Investor Relations Department at 1-800-9Camden or 713-354-2787 or access our website at http://www.camdenliving.com. |
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