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CommonWealth REIT tenders for up to $450 million of four note series
By Susanna Moon
Chicago, Feb. 25 - CommonWealth REIT said it began a cash tender offer for up to $450 million of four series of notes issued by HRPT Properties Trust, which was the name of the company at issuance.
Pricing for the notes, listed in order of priority acceptance level, will be set at 2 p.m. ET on March 11 using the bid-side price of a reference security plus a fixed spread as follows:
• $244,655,000 5.75% senior notes due Feb. 15, 2014, based on the 0.75% Treasury note due Aug. 15, 2013 plus a spread of 50 basis points;
• $186 million 6.4% senior notes due Feb. 15, 2015, based on the 0.25% Treasury note due Jan. 31, 2015 plus a spread of 75 bps;
• $250 million 5.75% senior notes due Nov. 1, 2015, based on the 0.25% Treasury note due Jan. 31, 2015 plus a spread of 125 bps; and
• $400 million 6.25% senior notes due Aug. 15, 2016, based on the 0.375% Treasury note due Feb. 15, 2016 plus a spread of 160 bps.
The total purchase price will include $20 per $1,000 principal amount of notes tendered by 5 p.m. ET on March 8, the early tender date.
The tender offer will end at midnight ET on March 22.
Holders who tender after the early deadline will receive the total payment less the early premium.
Tendered notes may be withdrawn by the early tender deadline.
The company also will pay accrued interest up to but excluding the payment date.
Citigroup Global Markets Inc. (800 558-3745 or collect 212 723-6106) and RBC Capital Markets, LLC (877 381-2099 or collect 212 618-7822) are the dealer managers. Global Bondholder Services Corp. (866 952-2200 or 212 430-3774) is the tender agent and information agent.
CommonWealth, a Newton, Mass.-based office and industrial real estate investment trust, will use proceeds for general business purposes.
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