CAMDEN PROPERTY TRUST (NYSE:CPT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
On March 8, 2019, Camden Property Trust, a Texas real estate investment trust (the “Company”), entered into that certain Third Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., U.S. Bank National Association, and PNC Bank National Association, as Syndication Agents, The Bank of Nova Scotia, Branch Banking and Trust Company, Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank, and Wells Fargo Bank, National Association, as Documentation Agents, TD Bank N.A., as Managing Agent, and the other lenders party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Chase Bank N.A., U.S. Bank National Association, and PNC Capital Markets LLC as Joint Lead Arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Chase Bank N.A., as Joint Bookrunners and each lender from time to time party thereto for a $900 million unsecured credit facility, which may be expanded three times by up to an additional $500 million upon the satisfaction of certain conditions. The Credit Agreement amends and restates the Company’s existing credit facility to, among other things, extend the maturity date of the new credit facility to an initial term ending on March 8, 2023, which may be extended at the Company’s option for two additional six-month periods.
The Credit Agreement provides for an interest rate based upon, at the Company’s option, (a) one-, two-, three-, or six-month LIBOR, plus, in each case, a spread based on the Company’s credit rating, and (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii)Bank of America, N.A.’s prime rate, and (iii) one-month LIBOR plus 1.0%.
Certain of the Company’s subsidiaries have guaranteed the payment and performance of all of the Company’s obligations under the Credit Agreement. The Company intends to use the proceeds from this credit facility for general corporate purposes, which may include the repayment of indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. The description herein of the Credit Agreement is qualified in its entirety, and the terms therein are incorporated herein, by reference to the Credit Agreement, a copy of which is filed as Exhibit99.1 hereto.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant.
The information set forth in Item 1.01 is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
Banking and Trust Company, Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank, and Wells Fargo Bank, National Association, as Documentation Agents, TD Bank N.A., as Managing Agent, and the other lenders party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Chase Bank N.A., U.S. Bank National Association, and PNC Capital Markets LLC, as Joint Lead Arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Chase Bank N.A., as Joint Bookrunners.
CAMDEN PROPERTY TRUST Exhibit
EX-99.1 2 ex991-cpt2019xthirdamended.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Published Deal CUSIP No: 13313BAJ9 Published Revolver CUSIP No: 13313BAK6THIRD AMENDED AND RESTATED CREDIT AGREEMENTDated as of March 8,…
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About CAMDEN PROPERTY TRUST (NYSE:CPT)
Camden Property Trust is a real estate investment trust (REIT). The Company is engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities. The Company operates in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities segment. The Company owns interests in, operates, or is developing approximately 180 multifamily properties consisting of approximately 62,650 apartment homes across the United States. Of the over 180 properties, approximately eight properties are under construction. It also owns land holdings. Its properties consist of mid-rise buildings or two and three story buildings in a landscaped setting and provide residents with various amenities common to multifamily rental properties. Its operating properties have over 200 apartment homes. Its properties include Camden Copper Square, Camden Montierra and Camden Ballantyne.