Issues $55 Million in Notes
BOSTON, Sept. 19 /PRNewswire/ -- Cabot Industrial Trust (NYSE: CTR), a
national developer, owner and operator of industrial property, announced that
it has established a medium term note program for the possible issuance from
time to time of up to $200 million of debt securities.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO )
Cabot has issued $55 million in senior unsecured notes under this program
which are rated Baa2 by Moody's Investors Service, BBB- (with a positive
outlook) by Standard & Poor's and BBB by Fitch IBCA, Duff & Phelps.
$40 million of notes issued mature in September of 2010 and bear a coupon of
8.50%; $15 million of notes issued mature in September of 2005 and bear a
coupon rate of 8.20%. The net proceeds were used to pay down amounts
outstanding under Cabot's unsecured credit facility.
Franz Colloredo-Mansfeld, Chief Financial Officer, commented, "This medium
term note program provides Cabot with additional flexibility in accessing the
public debt market as well as in managing our conservative capital structure.
We were pleased with the investor demand for our initial round of financing."
The named agents of the medium term note program are Merrill Lynch & Co.,
BNY Capital Markets, Inc., Chase Securities Inc., First Union Securities,
Inc., Goldman, Sachs & Co. and J.P. Morgan & Co. The lead agent on the
program is Merrill Lynch & Co.
This offering is being made pursuant to a registration statement that has
been declared effective by the Securities and Exchange Commission on April 21,
1999, and supplemented by a prospectus supplement dated September 7, 2000.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Cabot Industrial Trust is a fully integrated real estate company that
specializes in the ownership, acquisition and development of industrial
properties with 350 properties containing 42 million square feet in 22 states
at June 30, 2000. The Company also manages an additional 10 million square
feet of property for investment advisory accounts and for joint venture
accounts at June 30, 2000. 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
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20000218/CABOTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900
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