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Camden Property Trust Closes $500 Million Unsecured Revolving Credit Facility

^{Published on 2010-08-19 13:10:54 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--Camden Property Trust (NYSE:CPT) today announced the closing of a $500 million unsecured revolving credit facility. The initial term of the credit facility is two years, and it may be extended at the Company's option for an additional one year period. The credit facility also contains an accordion feature, which allows the Company to increase its credit facility amount up to $600 million.

Borrowing rates under the credit facility float at a margin over LIBOR plus an annual facility fee. Both the margin and the facility fee are priced off a grid that is tied to the Companya™s senior unsecured credit ratings. Based on the Companya™s current senior unsecured credit rating the LIBOR margin is 2.1% and the annual facility fee is 0.4%.

Banc of America Securities LLC and J.P. Morgan Securities Inc. were Joint Bookrunners and Joint Lead Arrangers. Bank of America, N.A. serves as the Administrative Agent, JPMorgan Chase Bank, N.A. serves as the Syndication Agent, and Wells Fargo Bank, N.A., SunTrust Bank, PNC Bank, National Association, Regions Bank, Credit Suisse AG, Cayman Islands Branch and Deutsche Bank Trust Company Americas, all serve as Documentation Agents. The Bank of Nova Scotia, ING Real Estate Finance (USA) LLC, and U.S. Bank National Association all serve as Managing Agents. Other lenders involved in the transaction include Branch Banking & Trust Company, Chevy Chase Bank, a division of Capital One, N.A., Comerica Bank, Compass Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and First Commercial Bank, Los Angeles Branch.

Additional information regarding the credit facility can be found in the Companya™s Form 8-K filed on August 19, 2010 with the Securities and Exchange Commission (SEC).

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Companya™s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading aRisk Factorsa in Camdena™s Annual Report on Form 10-K and inother filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in todaya™s press release represent managementa™s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 187 properties containing 64,074 apartment homes across the United States. Camden was recently named by FORTUNE® Magazine for the third consecutive year as one of the a100 Best Companies to Work Fora in America, placing 10^th on the list.

For additional information, please contact Camdena™s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at [ camdenliving.com ].