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ATLANTA-Birmingham, AL-based Colonial Properties Trust is offering unsecured debt securities totaling $100 million by its operating partnership, Colonial Realty Limited Partnership.

The securities are priced to yield 6.98% interest and reach maturity in 10 years.

The REIT will used the proceeds to retire a $57.5-million medium-term note that matures this month and to pay down the company’s line of credit.

New York-based Merrill Lynch is the lead underwriter. New York-based Bear Sterns & Co. and Los Angeles-based Wells Fargo Securities are co-managers.

Colonial has a total market capitalization of $2.7 billion, the company says in a prepared statement.

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