Camden Property buys back $7.4 million notes in first quarter, $10.3 million in April

By Devika Patel

Knoxville, Tenn., April 30 - Camden Property Trust reported that it bought back $7.4 million of senior unsecured notes during the first quarter and an additional $10.3 million during April.

The first quarter buybacks resulted in a $0.2 million gain on early retirement of debt.

In addition, Camden retired approximately $40 million of unsecured medium-term notes during the first quarter using funding from its unsecured line of credit.

The company also said that it bought back $169.5 million of notes in a tender offer that ended on April 28.

It began the offer in mid-April and was offering par plus accrued interest to the payment date.

Affected notes included the company's $143.05 million of 4.375% senior unsecured notes due Jan. 15, 2010, $79.93 million of 6.75% senior unsecured notes due Sept. 15, 2010 and $150 million of 7.625% senior unsecured notes due Feb. 15, 2011. Also included were Camden Summit Partnership, LP's $35 million of 7.703% medium-term notes due May 9, 2011.

Camden Property is a Houston-based real estate company that owns and manages multifamily apartment communities.

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