AMB Property Corporation says it has sold $30 million of senior subordinated unsecured notes as part of a medium-term note program in which it will issue and guarantee up to $400 million of debt securities.

The $30 million of notes already issued mature in August 2007 and bear a coupon rate of 7.925%. The net proceeds will be used for general purposes and may include the repayment of indebtedness, including amounts outstanding under AMB’s unsecured credit facility, and the acquisition or development of additional properties.

The named agents of the program are lead agent Morgan Stanley Dean Witter, as well as Banc of America Securities LLC, Banc One Capital Markets, Inc., Chase Securities Inc., Merrill Lynch & Co., J.P. Morgan & Co. and Salomon Smith Barney.

AMB (NYSE:AMB) stock closed down 6 cents Thursday at $24.313. It was off another 6 cents in morning trading Friday.

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