WASHINGTON (dpa-AFX) - Camden Property Trust (CPT) said it has priced a public offering of 2.90 million common shares for gross proceeds of approximately $493 million.
The offering is expected to close on April 12, 2022, subject to customary closing conditions.
Camden plans to use the net proceeds to reduce borrowings under its $900 million unsecured line of credit incurred to fund the acquisition from Teacher Retirement System of Texas of its 68.7% interest in two of Camden's investment funds and for general corporate purposes, which may include financing for acquisitions and funding for development activities.
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