Wednesday, November 7, 2012

Post Apartment Homes, L.P. Announces Closing of $250 million 3.375% Notes due 2022



Christopher Papa
ATLANTA, GA--(BUSINESS WIRE)-- Post Apartment Homes, L.P., the operating subsidiary of Post Properties, Inc. (NYSE: PPS), announced today that it has closed on its previously announced public offering of $250 million aggregate principal amount of senior unsecured notes due 2022.

 Post Apartment Homes, L.P. intends to use the net proceeds from this offering to redeem the remaining approximately $130.1 million in principal outstanding of its 6.30% senior unsecured notes, which mature on June 1, 2013 (“2013 Notes”), and pay premiums and related fees and expenses of approximately $4.1 million in connection therewith and for general corporate purposes, which may include future property acquisitions.

The 2013 Notes are expected to be redeemed on December 3, 2012.

Said Christopher Papa, EVP and CFO of Post Properties, “We were pleased that we were able to capitalize on the recent upgrade of our credit ratings and take advantage of a very favorable bond market to issue attractively priced long-term unsecured debt capital.

“This offering allows us to repay higher coupon debt and fund remaining debt maturities through 2014, while at the same time maintaining sound credit metrics. As a result of this offering, the Company is maintaining its full year 2012 earnings guidance, other than with respect to the impact of a charge for the early extinguishment of debt of approximately $0.08 per diluted share in connection with the offering.”

Wells Fargo Securities, J.P. Morgan and SunTrust Robinson Humphrey acted as joint book-running managers with PNC Capital Markets LLC, Mitsubishi UFJ Securities, BB&T Capital Markets, Capital One Southcoast, TD Securities, US Bancorp and The Williams Capital Group, L.P. acting as co-managers.

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.
Chris Papa, 404-846-5028

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