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EXHIBIT 1.02
CRESCENT REAL ESTATE EQUITIES COMPANY
(a Texas real estate investment trust)
COMMON SHARES OF BENEFICIAL INTEREST
(Par Value $.01 Per Share)
U.S. TERMS AGREEMENT
Dated: April 22, 1997
To: CRESCENT REAL ESTATE EQUITIES COMPANY
000 Xxxx Xxxxxx
Xxxx Xxxxx, Xxxxx 00000
Attention:
Ladies and Gentlemen:
We (the "Representatives") understand that Crescent Real
Estate Equities Company (the "Company") proposes to issue and sell its Common
Shares of Beneficial Interest, $.01 par value per share (the "Common Shares")
(such Common Shares being hereinafter referred to as the "U.S. Underwritten
Securities"). Subject to the terms and conditions set forth or incorporated by
reference herein, the U.S. Underwriters named below (the "U.S. Underwriters")
offer to purchase, severally and not jointly, the respective numbers of Initial
U.S. Securities (as defined in the U.S. Purchase Agreement referred to below)
set forth below opposite their respective names, and a proportionate share of
U.S. Option Securities (as defined in the U.S. Purchase Agreement referred to
below) to the extent any are purchased, at the purchase price set forth below.
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NUMBER OF SHARES OF INITIAL
UNDERWRITER U.S. UNDERWRITTEN SECURITIES
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Xxxxxxx Lynch , Pierce, Xxxxxx & Xxxxx
Incorporated 2,033,335
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Bear, Xxxxxxx & Co. Inc. 2,033,333
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Xxxxxxxxx, Xxxxxx & Xxxxxxxx Securities
Corporation 2,033,333
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Xxxxxx Xxxxxxx & Co. Incorporated 2,033,333
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PaineWebber Incorporated 2,033,333
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Xxxxx Xxxxxx Inc. 2,033,333
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Alex. Xxxxx & Sons Incorporated 200,000
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BT Securities Corporation 200,000
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Credit Suisse First Boston Corporation 200,000
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Xxxxxx, Read & Co. Inc. 200,000
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X.X. Xxxxxxx & Sons, Inc. 200,000
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Xxxxxx Xxxx LLC 200,000
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Xxxxxxx, Xxxxx & Co. 200,000
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Lazard Freres & Co. LLC 200,000
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Xxxxxx Brothers Inc. 200,000
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Prudential Securities Incorporated 200,000
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Salomon Brothers Inc 200,000
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UBS Securities LLC 200,000
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Xxxxxxx X. Xxxxxxxxx & Co., Inc. 100,000
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EVEREN Securities, Inc. 100,000
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Xxxxxxxxxx & Co. Inc. 100,000
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Friedman, Billings, Xxxxxx & Co., Inc. 100,000
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Genesis Merchant Group Securities 100,000
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Hampshire Securities Corporation 100,000
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Xxxxxxx, Xxxxxx Inc. 100,000
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Xxxxxx Xxxx & Xxxxxxxx, Inc. 100,000
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Xxxxxx Xxxxxxxxxx Xxxxx Inc. 100,000
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Xxxxxx X. Xxxxx & Co., L.P. 100,000
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Xxxx Xxxxx Xxxx Xxxxxx, Incorporated 100,000
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XxXxxxxx & Company Securities, Inc. 100,000
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Principal Financial Securities, Inc. 100,000
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Xxxxxxxx Xxxxxx Refsnes, Inc. 100,000
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Xxxxxxx Xxxxx & Associates, Inc. 100,000
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Xxxxx & Co., LLC 100,000
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Sands Brothers & Co., Ltd. 100,000
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Southwest Securities, Inc. 100,000
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Xxxxxx, Xxxxxxxx & Company, Incorporated 100,000
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Sutro & Co. Incorporated 100,000
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Xxxxxx Xxxxxxx Incorporated 100,000
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Wheat, First Securities, Inc. 100,000
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Total 16,800,000 Shares
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The U.S. Underwritten Securities shall have the following terms:
Title of Securities: Common Shares of Beneficial Interest, par value $.01 per
share
Number of Shares: 16,800,000
Public offering price per share: $25.375
Purchase price per share: $24.165
Number of U.S. Option Securities, if any, that may be purchased by the U.S.
Underwriters: 2,520,000
Delayed Delivery Contracts: not authorized
Additional co-managers, if any: Bear, Xxxxxxx & Co. Inc., Xxxxxxxxx,
Lufkin & Xxxxxxxx Securities
Corporation, Xxxxxx Xxxxxxx & Co.
Incorporated, PaineWebber
Incorporated and Xxxxx Xxxxxx Inc.
Closing date and location: April 28, 0000, Xxxxx & Xxxxxxx X.X.X.,
Xxxxxxxx Square, 000 Xxxxxxxxxx Xxxxxx,
X.X., Xxxxxxxxxx, X.X. 00000-0000
All the provisions contained in the document attached as Annex
A hereto entitled "Crescent Real Estate Equities Company--Preferred Shares of
Beneficial Interest, Common Shares of Beneficial Interest, and Common Share
Warrants--U.S. Purchase Agreement" are hereby incorporated by reference in
their entirety herein and shall be deemed to be a part of this U.S. Terms
Agreement to the same extent as if such provisions had been set forth in full
herein. Terms defined in such document are used herein as therein defined.
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Please accept this offer no later than ten o'clock P.M. (New York City time) on
April 22, 1997 by signing a copy of this U.S. Terms Agreement in the space set
forth below and returning the signed copy to us.
Very truly yours
XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX
INCORPORATED
By: /s/ XXXXXXX X. XXXXXXXXX
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Xxxxxxx X. Xxxxxxxxx
Managing Director
Acting on behalf of itself and the
other named U.S. Underwriters.
Accepted:
By: CRESCENT REAL ESTATE EQUITIES COMPANY
By: /s/ XXXXXX X. XXXXXXX
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Name: Xxxxxx X. Xxxxxxx
Title: President and Chief Executive
Officer
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