BOSTON, April 29 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR), a
national industrial property company, announced today that it has priced a
$200 million senior unsecured debt offering. The offering has a maturity of
five years, a coupon rate of 7.125%, yield to maturity 7.192%, priced at
99.724%.
The company said the offering met with strong investor demand and was
broadly distributed. "We are very pleased to have attracted interest from an
important new constituency of investors for our debut bond offering,"
commented Ferdinand Colloredo-Mansfeld, Chief Executive Officer. Proceeds of
the offering will be used to repay borrowings under the company's revolving
line of credit. JP Morgan served as lead manager. Co-managers on the
offering were Goldman Sachs & Co., Merrill Lynch & Co., PNC Capital Markets,
Inc. Prudential Securities and Salomon Smith Barney.
Cabot Industrial Trust is a fully integrated real estate company, with
offices in Baltimore, Boston, Chicago, Cincinnati, Dallas, Los Angeles and
Orlando and that specializes in the ownership, acquisition, and development of
industrial properties with 242 properties containing 30 million square feet in
21 states at March 31, 1999. 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, multitenant 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 costs 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.
To receive Cabot Industrial Trust's latest news release and other
corporate documents please send requests via e-mail at ir@cabottrust.com or
visit our web-site at http://www.cabottrust.com.
SOURCE Cabot Industrial Trust
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Related links:
http://www.cabottrust.com
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900
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