Chelsea Property Group Announces Issuance of $100 Million of Senior Unsecured Notes Due 2012.Business Editors ROSELAND, N.J.--(BUSINESS WIRE)--June 13, 2002 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 6-7/8% senior unsecured notes due June 15, 2012. Banc of America Securities LLC acted as lead manager and book runner, Merrill Lynch & Co. as senior co-manager, and Commerzbank Capital Markets and Wachovia Securities, Inc. as co-managers of the offering. The notes were priced at 99.815% of par value to yield 6.901%, and will be rated BBB- by Standard & Poor's and Baa3 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 approximately $90 million of secured construction financing and other debt, and for general corporate purposes. 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 58 Premium Outlet(TM) and other shopping centers - containing approximately 13.0 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 28 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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