Camden Property amends $500 million facility, extends maturity date

By Aleesia Forni

Columbus, Ohio, Sept. 26 - Camden Property Trust entered into an amended and restated credit facility, allowing the company to borrow up to $500 million, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The facility may be increased by an additional $250 million, subject to certain conditions.

The maturity date was extended to 2015 and may be extended for an additional one-year period.

The facility will bear interest at a rate based on the company's credit rating, ranging from Libor plus 100 basis points to 185 bps.

Facility fees range from 17.5 bps to 45 bps.

Letter of credit fees will range from 100 bps to 185 bps.

Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC are joint lead arrangers and joint bookrunners.

Bank of America NA is administrative agent, while JPMorgan Chase Bank NA is syndication agent.

Wells Fargo Bank NA, SunTrust Bank and PNC Bank NA are documentation agents.

Regions Bank, Deutsche Bank Securities Inc. and U.S. Bank NA serve as co-documentation agents for the facility.

Credit Suisse AG, Cayman Islands Branch and The Bank of Nova Scotia are managing agents.

Camden Property Trust is a Houston-based real estate investment trust.

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