CommonWealth REIT to redeem 8¾% series B preferreds at $25 per share

By Marisa Wong

Madison, Wis., Sept. 20 - CommonWealth REIT has determined the redemption price for the previously announced redemption of the remaining 7 million shares of its 8¾% series B cumulative redeemable preferred shares, according to a news release.

The preferreds will be redeemed at a liquidation preference price of $25 per share plus accrued dividends up to Oct. 21, the redemption date.

The company expects to fund this redemption with cash on hand and borrowings under its revolving credit facility.

Wells Fargo Bank, NA is the agent.

CommonWealth is a Newton, Mass.-based nationwide office and industrial real estate investment trust.

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