By Aleesia Forni
Virginia Beach, Nov. 20 - Camden Property Trust sold $250 million 4.25% 10-year senior notes on Wednesday with a spread of Treasuries plus 150 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the joint bookrunners.
Proceeds will be used to pay the company's $200 million of 5.375% senior notes due December 15, 2013.
The company will also use proceeds to repay any outstanding balance on its unsecured line of credit and other short-term borrowings and for general corporate purposes.
Camden was last in the market with $350 million of 2.95% 10-year notes priced at Treasuries plus 147 bps on Dec. 4, 2012.
The real estate investment trust for apartment communities is based in Houston.
| Issuer: | Camden Property Trust
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2024
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Senior co-managers: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Junior co-managers: | BB&T Capital Markets, Mitsubishi UFJ Securities (USA) Inc., PNC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc.
|
| Coupon: | 4.25%
|
| Price: | 99.814
|
| Yield: | 4.272%
|
| Spread: | Treasuries plus 150 bps
|
| Make-whole call: | Treasuries plus 25 bps; callable at par 90 days prior to maturity
|
| Trade date: | Nov. 20
|
| Settlement date: | Dec. 2
|
| Distribution: | SEC registered
|
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