AMB Property starts tender offer for $75 million of 8% notes, $175 million of 5.45% notes

By Susanna Moon

Chicago, April 28 - AMB Property Corp. said it began a cash tender offer by its operating partnership AMB Property, LP for its outstanding 8% notes due 2010 and 5.45% notes due 2010.

The offer will expire at 5 p.m. ET on May 5.

There is $75 million principal amount of the 8% notes and $175 million principal amount of the 5.45% notes outstanding.

AMB will pay par plus accrued interest up to the payment date, which is expected to be May 6.

J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3118) is the dealer manager, and Global Bondholder Services Corp. (866 540-1500 or collect at 212 430-3774) is information agent and depositary.

AMB Property is a San Francisco-based owner, operator and developer of industrial real estate.

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