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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 18-Mar-2004
Chelsea Property Group Announces Issuance of $100 Million of Senior Unsecured Notes Due 2009
ROSELAND, N.J.--(BUSINESS WIRE)--March 18, 2004--Chelsea Property Group, Inc. (NYSE: CPG) announced today that its principal operating partnership, CPG Partners, L.P., completed the issuance of $100 million of 3.5% senior unsecured notes due March 15, 2009. Wachovia Securities acted as bookrunning manager with Banc of America Securities LLC and Merrill Lynch & Co. as co-managers.
The notes were priced at 99.534% of par value to yield 3.60%, and are rated BBB by Standard & Poor's and Baa2 by Moody's Investors Service. Proceeds will be used to repay a $100 million term loan due July 2004.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 61 Premium Outlet(R) and other shopping centers - containing 16.3 million square feet of gross leasable area - in 31 states and Japan. The company's leading properties include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; and Gotemba Premium Outlets, near Tokyo. Please see www.cpgi.com for more information.
CONTACT: Chelsea Property Group, Inc.
Michael J. Clarke, 973-228-6111
SOURCE: Chelsea Property Group, Inc.
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