Chelsea Property Group Announces Issuance of $100 Million of Senior Unsecured Notes Due 2009.Business Editors ROSELAND, N.J.--(BUSINESS WIRE)--March 18, 2004 Chelsea Property Group, Inc. (NYSE NYSE See: New York Stock Exchange : CPG) announced today that its principal operating partnership, CPG Partners, L.P., completed the issuance of $100 million of 3.5% senior unsecured notes due March 15, 2009. Wachovia Securities acted as bookrunning manager with Banc of America Securities LLC and Merrill Lynch & Co. as co-managers. The notes were priced at 99.534% of par value to yield 3.60%, and are rated BBB by Standard & Poor's and Baa2 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. . Proceeds will be used to repay a $100 million term loan due July 2004. Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that wholly or partially owns 61 Premium Outlet(R) and other shopping centers - containing 16.3 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. - in 31 states and Japan. The company's leading properties include Woodbury Common Premium Outlets Woodbury Common Premium Outlets, is an outlet center located in Central Valley, New York. The center is part of the Chelsea Premium Outlets group and takes its name from the town in which it is located. , near New York City; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; and Gotemba Premium Outlets, near Tokyo. Please see www.cpgi.com for more information. |
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