Corporate Office Properties gives results, will redeem 3.7% notes

Chicago, Sept. 17 – Corporate Office Properties LP announced the results of its cash tender offer for any and all of its $300 million 3.7% senior notes due 2021 (Cusip: 22003BAJ5), according to a news release.

As of the expiration time of 5 p.m. ET on Sept. 16, noteholders had tendered $122,948,000, or 49.98%, of the outstanding notes. The amount does not include any tenders delivered via guaranteed delivery procedures.

As previously reported, for each $1,000 principal amount of notes, the company will pay $1,024.45.

Pricing was set at 2 p.m. ET on Sept. 16 using the 2.625% Treasury due June 15, 2021 plus 25 basis points.

Holders whose notes are purchased will receive interest up to the settlement date of Sept. 17.

Settlement for guaranteed delivery will be approximately Sept. 21.

The company also announced that it will redeem the remaining notes on Oct. 19.

The notes will be redeemed at a price calculated in accordance with the indenture plus interest to the redemption date.

Funding for the offer and the redemption is coming from a portion of the proceeds from the issuance of 2.25% senior notes due 2026.

D.F. King & Co., Inc. (800 290-6426; ofc@dfking.com) is the tender agent and information agent.

Wells Fargo Securities, LLC (704 410-4759, 866 309-6316; liabilitymanagement@wellsfargo.com) is the dealer manager.

The real estate investment trust for suburban office properties is based in Columbia, Md.

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