New Issue: Camden sells $300 million 3.35% 30-year notes at 120 over Treasuries

By Devika Patel

Knoxville, Tenn., Sept. 23 – Camden Property Trust priced $300 million of 3.35% 30-year notes (A3/A-/A-) on Monday at a spread of 122 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.941 to yield 3.353%.

BofA Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for the early redemption of all of the company’s $250 million of 4.625% senior notes due 2021 and to repay all of the $45.5 million of its 4.38% secured conventional mortgage note due 2045.

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

Issuer:	Camden Property Trust
Amount:	$300 million
Description:	Notes
Maturity:	Nov. 1, 2049
Bookrunners:	BofA Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Senior co-managers:	Deutsche Bank Securities Inc., Regions Securities LLC, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey Inc.
Co-managers:	BB&T Capital Markets and TD Securities (USA) LLC
Coupon:	3.35%
Price:	99.941
Yield:	3.353%
Spread:	Treasuries plus 122 bps
Call:	Make-whole call at Treasuries plus 20 bps until May 1, 2049, then a par call
Trade date:	Sept. 23
Settlement date:	Oct. 7
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered

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