Camden Property Trust extends $900 million credit facility to 2023

By Sarah Lizee

Olympia, Wash., March 8 – Camden Property Trust amended its $900 million unsecured credit facility on Friday with Bank of America, NA as administrative agent to extend the maturity date to March 8, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The facility may be expanded three times up to an additional $500 million.

The maturity date may be extended at the company's option for two additional six-month periods.

Interest is one-month Libor plus 100 basis points.

Proceeds may be used for general corporate purposes, which may include the repayment of debt, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.

Bank of America Merrill Lynch, JPMorgan Chase Bank, NA, U.S. Bank NA and PNC Capital Markets are joint lead arrangers, with BofA Merrill Lynch and JPMorgan as joint bookrunners. TD Bank NA is the managing agent.

JPMorgan, U.S. Bank and PNC Bank are syndication agents, and Bank of Nova Scotia, Branch Banking and Trust Co., Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank and Wells Fargo Bank, NA are documentation agents.

The real estate investment trust for apartment communities is based in Houston.

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