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HOUSTON-Camden Property Trust has closed a $500-million unsecured revolving credit line, an increase of $80 million. Eight new banks were added to the lineup, covenants changed and short-term borrowings “significantly improved” for the Houston-based multifamily REIT, says Steve Dawson, Camden’s CFO.

“The longer maturity and larger size assure us the financial flexibility that we need for investment opportunities well into the future,” Dawson said in a press release. The credit facility, with a one-year credit option, matures in August 2006. The interest rate, based on a mid-triple-B investment grade credit rating, is LIBOR plus 75 basis points. However, a competitive bid feature for up to $250 million can result in lower rates from time to time.

Bank of America was the sole lead arranger, joint book runner and administrative agent; JPMorgan, joint book runner and syndication agent; CommerzBank, syndication agent; and Wells Fargo Bank and Wachovia Bank, documentation agents. Other participants are Bank One, PNC Bank, South Trust Bank, AmSouth Bank, KeyBank, SunTrust Bank, Comerica Bank, Compass Bank, Citicorp, Deutsche Bank, Allied Irish Bank, Mellon Bank, Chang Hwa Bank and E. Sun Bank.

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