Fitch gives Camden notes BBB+

Fitch Ratings said it assigned a credit rating of BBB+ to the $350 million aggregate principal amount of 2.95% senior unsecured notes due 2022 issued by Camden Property Trust.

The notes were issued at a spread of 147 basis points over the benchmark rate and priced at 98.945% of par to yield 3.073%, the agency said.

Fitch stated that Camden expects to use the net proceeds of about $343.7 million to repay the outstanding balance on its unsecured line of credit, and the remainder for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures and working capital.

Fitch currently rates Camden Property Trust as follows: issuer default rating BBB+; $500 million unsecured revolving credit facility BBB+; and $1.7 billion senior unsecured notes BBB+.

The outlook is stable.

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