ATLANTA-Post Properties Inc.’s operating subsidiary, Post Apartment Homes, is selling $185 million of 7.7% senior 10-year notes to pay down amounts outstanding on the company’s revolving line of credit. The sale closes Dec. 20.

The notes are rated BBB+ by Standard & Poors and Baa1 by Moody’s Investors Services. Underwriters are Merrill Lynch & Co., First Union Securities, Inc. and Wachovia Securities, Inc.

In November, Post announced a shortfall in results for the third quarter and an anticipated shortfall for the year. The company is selling off various properties and exiting at least five of its 11 markets. It also is reducing its development from $400 million a year to $150 million to $250 million per year and is self-funding all projects.

In Atlanta, the REIT pulled out of two high-profile projects, the 140-acre mixed-use development, Atlantic Station, just north of center city, and the MARTA Lindbergh City Center project, seven miles north of Downtown.

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