"This medium term note program provides Cabot with additionalflexibility in accessing the public debt market as well as inmanaging our conservative debt structure," Cabot CFO FranzColloredo-Mansfeld said in announcing the initiative. "We werepleased with the investor demand for our initial round offinancing."

Under that round, Cabot dispersed $55 million in seniorunsecured notes that will be used to pay down amounts outstandingunder Cabot's unsecured credit facility. Rated Baa2 by Moody's,BBB- (with a positive outlook) by Standard & Poor's, and BBB byDuff & Phelps, $40 million of the notes will mature inSeptember 2010 at a coupon of $8.5%. The remaining $15 million,which bear a coupon rate of 8.25%, will mature in September2005.

In another development, Cabot also declared a dividend for thequarter ending September 30th of 35 cents per common share, payableon October 27th to stockholders of record as of October 10th. Thedividend indicates an annualized rate of $1.42, according to Cabot,a national developer, owner and operator of industrial properties.The REIT was formed two years ago by Boston real estate legendFerdinand Colloredo-Mansfeld, who, in the 1960s and 1970s, wasamong the first to develop industrial space in EasternMassachusetts.