Pan Pacific Retail Properties to Sell $100 Million of 5.25% Senior Notes Due 2015
August 18 2005 - 7:00AM
Business Wire
Pan Pacific Retail Properties, Inc. (NYSE:PNP) today announced the
execution of an agreement for the issuance and sale by the Company
of $100 million of 5.25% senior unsecured notes due September 1,
2015. Net proceeds from the offering will be used to repay a
portion of the borrowings under the Company's $300 million
unsecured revolving credit facility. The transaction was
underwritten by Banc of America Securities LLC and Wachovia Capital
Markets, LLC as joint book-running managers; and Wells Fargo
Securities, LLC as co-manager. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor will there be any sale of the notes in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. ABOUT
PAN PACIFIC RETAIL PROPERTIES Pan Pacific Retail Properties, Inc.
is an equity real estate investment trust (REIT) traded on the New
York Stock Exchange under the symbol PNP. The Company is the
largest neighborhood shopping center REIT focused exclusively on
the West Coast. Pan Pacific's portfolio currently totals 138
properties, encompassing approximately 22.5 million square feet of
retail space. The portfolio is principally diversified across five
distinct regions in the Western United States: Northern California,
Southern California, Washington, Oregon and Nevada. Pan Pacific
specializes in the acquisition, ownership and management of
community and neighborhood shopping centers for everyday
essentials. The Company's strategy is aimed at generating long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through implementing its
acquisition and property management programs. Pan Pacific is
headquartered in Vista (San Diego), California, and has regional
offices located in Sacramento, California; Kent, Washington;
Portland, Oregon; and Las Vegas, Nevada. (Note: Certain matters
discussed within this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 which reflect management's current views with respect to
future events and financial performance. Forward-looking statements
are subject to risks and uncertainties. Factors that could cause
actual results to differ materially from expectations include
market valuations of our stock, financial performance and
operations of our shopping centers, real estate conditions,
execution of shopping center development programs, successful
completion of renovations, completion of pending acquisitions and
dispositions, including the completion of customary due diligence
and closing conditions, the Company's ability to successfully
integrate acquired assets, changes in the availability of
additional acquisition and disposition opportunities, changes in
local or national economic conditions, acts of terrorism or war and
other risks detailed from time to time in reports filed with the
Securities and Exchange Commission including the Company's Annual
Report on Form 10-K for the year ended December 31, 2004.)
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