BOSTON, Sept. 7 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR),
announced today that its operating partnership, Cabot Industrial Properties,
L.P. completed a private sale of $65 million of 8.625% Series C Cumulative
Redeemable Perpetual Preferred Units at $25 per unit. Proceeds of the
offering will be used to reduce outstanding balances under the partnership's
unsecured line of credit.
The Preferred Units, which may be called by Cabot Industrial Trust at par
on or after September 3, 2004, have no stated maturity or mandatory
redemption.
The Preferred Units were privately placed. Merrill Lynch & Co. and
Goldman Sachs acted as exclusive placement agents.
After this financing, Cabot's debt to total market capitalization ratio
stands at 29%.
Cabot Industrial Trust is a fully integrated real estate company, with
offices in Boston, Atlanta, Baltimore, Chicago, Cincinnati, Dallas, Los
Angeles, Orlando and Phoenix, that specializes in the ownership, acquisition,
and development of industrial properties, with 267 properties containing 32
million square feet in 22 states at June 30, 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, 617-723-0900
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