Camden Property Trust Prices $400 Million 4.900% Senior Unsecured Notes Due 2034
January 03 2024 - 4:50PM
Business Wire
Camden Property Trust (NYSE:CPT) today announced it has priced a
$400 million offering of senior unsecured notes under its existing
shelf registration. These 10-year notes were issued at 99.638% of
par value with a coupon of 4.900%. Interest on the notes is payable
semi-annually on January 15 and July 15, with the first payment
becoming due and payable on July 15, 2024, and the notes will
mature on January 15, 2034. Camden expects to use the net proceeds
of approximately $394.8 million to repay the outstanding balance on
its $300 million unsecured term loan and for general corporate
purposes, which may include property acquisitions and development
in the ordinary course of business, capital expenditures and
working capital. Settlement is scheduled for January 5, 2024,
subject to customary closing conditions.
BofA Securities, Inc., J.P. Morgan Securities LLC, TD Securities
(USA) LLC, Truist Securities, Inc., PNC Capital Markets LLC, Scotia
Capital (USA) Inc. and U.S. Bancorp Investments, Inc. are Joint
Book-Running Managers. Regions Securities LLC, BMO Capital Markets
Corp., BNP Paribas Securities Corp., Deutsche Bank Securities Inc.
and Mizuho Securities USA LLC are Senior Co-Managers and M&T
Securities, Inc., Wells Fargo Securities, LLC and Samuel A. Ramirez
& Company, Inc. are Co-Managers in the transaction.
Camden has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission (SEC) for
the offering to which this communication relates. Before you
invest, you should read the prospectus in this registration
statement and other documents Camden has filed with the SEC for
more complete information about Camden and this offering. You may
get these documents for free by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, Camden, any underwriter or any
dealer participating in the offering will arrange to send you the
prospectus if you request it by calling BofA Securities, Inc.
toll-free at (800) 294-1322, J.P. Morgan Securities LLC collect at
(212) 834-4533, TD Securities (USA) LLC toll-free at (855)
495-9846, or Truist Securities, Inc. toll-free at (800)
685-4786.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these notes in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or other
jurisdiction.
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. Factors which may cause Camden’s actual results or
performance to differ materially from those contemplated by
forward-looking statements are described under the heading “Risk
Factors” in Camden’s Annual Report on Form 10-K and in other
filings with the SEC. Forward-looking statements made in today’s
press release represent management’s current opinions at the time
of this publication, and Camden assumes no obligation to update or
supplement these statements because of subsequent events.
Camden Property Trust, an S&P 500 Company, is a real estate
company primarily engaged in the ownership, management,
development, redevelopment, acquisition, and construction of
multifamily apartment communities. Camden owns and operates 172
properties containing 58,634 apartment homes across the United
States. Upon completion of 4 properties currently under
development, the Company’s portfolio will increase to 59,800
apartment homes in 176 properties. Camden has been recognized as
one of the 100 Best Companies to Work For® by FORTUNE magazine for
16 consecutive years, most recently ranking #33. For additional
information, please contact Camden’s Investor Relations Department
at (713) 354-2787.
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version on businesswire.com: https://www.businesswire.com/news/home/20240103368317/en/
Kim Callahan, 713-354-2549
Camden Property (NYSE:CPT)
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