Camden Property Trust Announces Amended and Restated $500 Million Unsecured Credit Facility
Camden Property Trust (NYSE: CPT) today announced the closing of an amended and restated $500 million unsecured revolving credit facility. The initial term of the credit facility is four 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 $750 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 Company's senior unsecured credit ratings. Based on the Company's current senior unsecured credit rating the LIBOR margin is 1.1% and the annual facility fee is 0.175%.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.