Camden Property Trust Announces Closing of Tender Offer for Any and All of Certain Series Outstanding Notes
December 22 2008 - 4:30PM
Business Wire
Camden Property Trust (NYSE:CPT) today announced it has accepted
for purchase the principal amount of its outstanding notes set
forth below validly tendered pursuant to its previously announced
cash tender offer for such notes (the "Tender Offer"). The Tender
Offer expired at 11:59 p.m., New York City time, on Friday,
December 19, 2008. Payment for notes purchased pursuant to the
Tender Offer is expected to be made on Tuesday, December�23, 2008.
The aggregate consideration for notes accepted for payment,
including accrued and unpaid interest, is expected to be
approximately $102.7 million. Issuer � � Title of Security � �
Aggregate Principal Amount Accepted For Purchase Camden Property
Trust 4.700% Senior Unsecured Notes due July 15, 2009 $ 18,133,000
Camden Property Trust 4.375% Senior Unsecured Notes due January 15,
2010 70,139,000 Camden Property Trust 6.750% Senior Unsecured Notes
due September 15, 2010 20,070,000 Camden Summit Partnership, L.P.
(1) 7.590% Medium Term Notes due March 16, 2009 - Camden Summit
Partnership, L.P. (1) 8.500% Medium Term Notes due July 19, 2010 -
Camden Property Trust 6.790% Medium Terms Notes due August 27, 2010
- Total $ 108,342,000 (1) Camden Summit Partnership, L.P. (formerly
known as Summit Properties Partnership, L.P.) was acquired by
Camden in the merger of Summit Properties Inc. with and into Camden
Summit, Inc., a wholly-owned subsidiary of Camden, on February 28,
2005. The Tender Offer was made pursuant to the Offer to Purchase
dated December 12, 2008 and the related Letter of Transmittal. J.P.
Morgan Securities Inc. acted as Dealer Manager for the Tender
Offer. This press release is neither an offer to purchase nor a
solicitation to buy any of the notes. Forward-Looking Statements 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. About Camden Camden Property Trust, an S&P 400
Company, is a real estate company engaged in the ownership,
development, acquisition, management and disposition of multifamily
apartment communities. Camden owns interests in and operates 179
properties containing 62,421 apartment homes across the United
States. Upon completion of seven properties under development, the
Company�s portfolio will increase to 64,329 apartment homes in 186
properties. Camden was recently named to FORTUNE� Magazine�s list
of the "100 Best Companies to Work For."
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