Camden Property Trust Prices Public Offering Of 2.90 Mln Shares For Proceeds Of About $493 Mln

(RTTNews) - 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.