SAN FRANCISCO-Hot on the heels of acquiring $290 million of 2011 and 2013 senior notes BRE Properties on Wednesday commenced an offer for $300 million of 2009 and 2010 senior notes. Also this week, the apartment REIT closed on a $620 million secured credit facility that it intends to use for the repayment of outstanding debt obligations and general corporate purposes.

The cash tender offer is for any and all of its outstanding 5.75% Senior Notes due 2009 and any and all of its outstanding 4.875% Senior Notes due 2010. There is currently $150 million aggregate principal amount outstanding for each of set of notes.

The tender offer expires on Wednesday, April 15. BRE is offering to pay 100% of face value plus accrued and unpaid interest. Banc of America Securities LLC and J.P. Morgan Securities Inc. are the dealer managers for the offer.

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