AMB Property tenders for up to $250 million of four series of notes

By Susanna Moon

Chicago, Nov. 17 - AMB Property Corp. announced a cash tender offer by its operating partnership, AMB Property, LP, for up to $250 million principal amount of its $290,335,000 of 6.3% notes due 2013, $166.48 million of 5.9% notes due 2013, $50 million of 7% notes due 2011 and $25 million of 6.75% notes due 2011.

The tender offer will expire at midnight ET on Dec. 15.

For each $1,000 principal amount, AMB said it will pay $1,050.00 for the 6.3% notes, $1,038.75 for the 5.9% notes, $1,062.50 for the 7% notes and $1,065.00 for the 6.75% notes.

The total payments include $30.00 for notes tendered by 5 p.m. ET on Dec. 1, the early tender date.

AMB also will pay accrued interest to the payment date.

The amount of each series of notes that will be purchased in the offer will be based on the maximum tender cap and the order of priority for the notes. The 6.3% and 5.9% notes have a priority level of one and the other two series have a priority level of two.

J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424), Bank of America Merrill Lynch (888 292-0070 or collect 980 388-4603) and Morgan Stanley & Co. Inc. (866 718-1649) are the dealer managers.

Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the information agent and depositary for the tender offer.

AMB Property is a San Francisco-based owner, operator and developer of industrial real estate focused on major hub and gateway distribution markets in the Americas, Europe and Asia.

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