SAN FRANCISCO, Nov. 9, 2010 /PRNewswire-FirstCall/ -- AMB
Property Corporation (NYSE: AMB) announced today that its operating
subsidiary, AMB Property, L.P. (the “Operating Partnership”),
announced the pricing of its underwritten registered public
offering of $175 million of 4.00%
notes due 2018. The notes are senior unsecured obligations of the
Operating Partnership and are fully and unconditionally guaranteed
by AMB Property Corporation. Interest on the notes is payable
semiannually on January 15 and
July 15, beginning on July 15, 2011; the notes will mature on
January 15, 2018. The notes were
issued at 99.307% of par value, with a coupon of 4.00%. The
offering was made pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission on
August 14, 2009. The offering is
expected to close on November 12,
2010, subject to certain closing conditions.
The Operating Partnership intends to use approximately
$140 million of the net proceeds
after deducting underwriting discounts and estimated transaction
expenses to reduce the U.S. dollar borrowings under its
$500 million unsecured revolving
credit facility. The Operating Partnership intends to use the
remaining net proceeds for general corporate purposes, which may
include acquisitions of properties, portfolios of properties or
interests in property-owning or real estate-related entities;
development, redevelopment or value-added conversion activities;
equity investments in co-investment funds; the repayment of
indebtedness (which may include intercompany indebtedness); the
redemption or other repurchase of outstanding securities; loans to
affiliated entities; capital expenditures and increasing its
working capital. Pending such use of the net proceeds, the
Operating Partnership may use the net proceeds to invest in
short-term securities.
A copy of the prospectus supplement and prospectus relating to
these securities may be obtained, when available, by contacting
Wells Fargo Securities, LLC at 1525 West W.T. Harris Blvd., NC0675,
Charlotte, North Carolina 28262,
Attn: Syndicate Operations or by calling toll-free (800) 326-5897;
J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: High
Grade Syndicate Desk – 3rd Floor, phone (212) 834-4533; Morgan
Stanley & Co. Incorporated, Attention: Prospectus Department,
180 Varick Street, 2nd Floor, New York,
New York 10014, phone (866) 718-1649; or Merrill Lynch,
Pierce, Fenner & Smith Incorporated 100 West 33rd Street, 3rd
Floor, New York, New York 10001,
Attention: Prospectus Department, phone (800) 294-1322.
This press release is for informational purposes only and is not
an offer to sell or the solicitation of an offer to buy with
respect to any securities. The offering is not being made in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction.
AMB Property Corporation.® Local partner to
global trade.™
AMB Property Corporation® is a leading owner, operator and
developer of global industrial real estate, focused on major hub
and gateway distribution markets in the Americas, Europe and Asia. As of September
30, 2010, AMB owned, or had investments in, on a
consolidated basis or through unconsolidated joint ventures,
properties and development projects expected to total approximately
158.4 million square feet (14.7 million square meters) in 49
markets within 15 countries. AMB invests in properties located
predominantly in the infill submarkets of its targeted markets. The
company's portfolio comprises High Throughput Distribution®
facilities -- industrial properties built for speed and located
near airports, seaports and ground transportation systems.
AMB's press releases are available on the company website at
www.amb.com or by contacting the Investor Relations department at
+1 415 394 9000.
Some of the information included in this press release contains
forward-looking statements, such as statements related to the
offering and the issuance and sale of the notes, expected use of
the net proceeds and the availability of a final prospectus
supplement, which are made pursuant to the safe-harbor provisions
of Section 21E of the Securities Exchange Act of 1934, as amended,
and Section 27A of the Securities Act of 1933, as amended. Because
these forward-looking statements involve numerous risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from those in the
forward-looking statements, and you should not rely on the
forward-looking statements as predictions of future events. The
events or circumstances reflected in the forward-looking statements
might not occur. You can identify forward-looking statements by the
use of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "forecasting, " "pro forma," "estimates" or "anticipates"
or the negative of these words and phrases or similar words or
phrases. You can also identify forward-looking statements by
discussions of strategy, plans or intentions. Forward-looking
statements should not be read as guarantees of future performance
or results, and will not necessarily be accurate indicators of
whether, or the time at which, such performance or results will be
achieved. There is no assurance that the events or circumstances
reflected in forward-looking statements will occur or be achieved.
Forward-looking statements are necessarily dependent on
assumptions, data or methods that may be incorrect or imprecise and
we may not be able to realize them. We caution you not to place
undue reliance on forward-looking statements, which reflect our
analysis only and speak as of the date of this press release or as
of the dates indicated in the statements. All of our
forward-looking statements are qualified in their entirety by this
statement. We assume no obligation to update or supplement
forward-looking statements. The following factors, among others,
could cause actual results and future events to differ materially
from those set forth or contemplated in the forward-looking
statements contained in this press release: any material adverse
change in the financial or securities markets within or outside
the United States or in political,
financial or economic conditions within or outside the United States or any material outbreak or
material escalation of hostilities within or outside the United States or declaration by
the United States of a national
emergency or war or other material calamity or crisis within or
outside the United States,
including, without limitation, an act of terrorism, any suspension
or limitation of trading in securities generally or in any of the
securities of AMB by the SEC, by any exchange that lists such
securities or in any over-the-counter market, any declaration by
any governmental authority of a general banking moratorium, any
financial market fluctuations, actual or perceived changes in
general economic conditions, global trade or in the real estate
sector, inflation risks, an actual or perceived downturn in the
U.S., California or global
economy, and certain other matters discussed under the heading
"Risk Factors" and elsewhere in our annual report on Form 10-K for
the year ended December 31, 2009 and
our quarterly reports on Form 10-Q for the quarters ended
March 31, 2010, June 30, 2010 and September 30, 2010.
SOURCE AMB Property Corporation