Camden Property Trust (CPT) today announced it has priced a $600 million offering of senior unsecured notes under its existing shelf registration. These ten-year notes were issued at 99.751% of par value with a coupon of 3.150%. Interest on the notes is payable semi-annually on January 1 and July 1, with the first payment becoming due and payable on January 1, 2020, and the notes will mature on July 1, 2029. Camden expects to use the net proceeds of approximately $593.4 million to repay the outstanding balance on its unsecured line of credit 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 June 17, 2019, subject to customary closing conditions.
BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. are Joint Book-Running Managers, PNC Capital Markets LLC and Wells Fargo Securities, LLC are Senior Co-Managers and BB&T Capital Markets, a division of BB&T Securities, LLC, Regions Securities LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC 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 Web site 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 1-800-294-1322, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611, J.P. Morgan Securities LLC collect at 1-212-834-4533, SunTrust Robinson Humphrey, Inc. toll-free at 1-800-685-4786, or U.S. Bancorp Investments, Inc. toll-free at 1-877-558-2607.
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 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 165 properties containing 56,271 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 57,843 apartment homes in 170 properties. Camden was recently named by FORTUNE Magazine for the 12th consecutive year as one of the 100 Best Companies to Work For® in America, ranking #19.
For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787.