Receives Investment Grade Ratings on Senior Debt and Preferred Stock
BOSTON, Feb. 2 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR) and its
operating partnership, Cabot Industrial Properties L.P., today filed a
universal shelf registration with the U.S. Securities and Exchange Commission
for $1 billion in debt and equity securities. The filing allows Cabot
Industrial Properties, L.P. to sell as much as $600 million of debt securities
and Cabot Industrial Trust to issue as much as $400 million of preferred
shares, common shares, and warrants.
Additionally, Cabot Industrial Trust announced today that it has received
investment grade ratings from Moody's Investor Service and Duff & Phelps
Credit Rating Company. Moody's has issued a Baa2 senior unsecured debt rating
on Cabot Industrial Properties, L.P. and a Baa3 preferred rating on Cabot
Industrial Trust. Duff & Phelps issued a BBB senior unsecured debt rating on
Cabot Industrial Properties, L.P. and BBB- preferred stock rating on Cabot
Industrial Trust.
Ferdinand Colloredo-Mansfeld, Chairman and Chief Executive Officer of
Cabot Industrial Trust, commented, "We believe Cabot is well-capitalized and
uniquely positioned to execute its growth strategy. Cabot's current equity
base and low leverage of 20% debt to total capital allow the Company to deploy
capital to achieve its growth targets over the next two years without issuing
any additional common equity. The shelf registration is part of our
longer-term capital plan to issue debt and preferred stock over the next two
years. We have reviewed our growth plans with Moody's Investor Service and
Duff & Phelps Credit Rating Company and are pleased to have received
investment grade ratings."
Cabot Industrial Trust is a fully-integrated real estate company, with
offices in Boston, Chicago, Los Angeles, Dallas, Orlando and Cincinnati, that
specializes in the operation, acquisition and development of industrial
properties. As of September 30, 1998, the Company owned 202 properties
containing 27.7 million square feet in 22 states. The Company also manages 10
million square feet of property for investment advisory accounts. Cabot
Industrial Trust focuses on a broad spectrum of industrial property types
nationwide, including large bulk distribution facilities, multi-tenant
distribution facilities and workspace properties.
In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations about the industry and the markets in which the Company
operates. Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties or other
factors which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Actual
operating results may be affected by various factors including, without
limitation, changes in national and local economic conditions, competitive
market conditions, uncertainties and cost related to, and the imposition of
conditions on, receipt of governmental approvals and costs of material and
labor, all of which may cause such actual results to differ materially from
what is expressed or forecast in this press release.
SOURCE Cabot Industrial Trust
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Related links:
http://www.frbinc.com
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900; or General
Info., Michael Lawson, or Analyst Info., Pamela King
212-661-8030, both of The Financial Relations Board
NOTE TO EDITORS: To receive Cabot Industrial Trust's latest news
release and other corporate documents via FAX, at no cost, dial
1-800-PRO-INFO. Use the company's ticker, CTR. Or, visit The
Financial Relations Board's website at http://www.frbinc.com
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