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SL Green Realty completes tender offer for 5.875%, 6% notes
By Toni Weeks
San Diego, Dec. 28 - SL Green Realty Corp. said it received tenders for $22.68 million of the $98,578,000 of 5.875% notes due 2014 and $19,692,000 of the $275 million of 6% notes due 2016 issued by Reckson Operating Partnership, LP by midnight ET on Dec. 26, the expiration date for the company's tender offer.
The amounts are identical to the amount of tenders received by 5 p.m. ET on Dec. 11, the early tender date.
For each $1,000 principal amount, the total purchase price was $1,065 for the 5.875% notes and $1,110 for the 6% notes. The total payment for each series of notes included a $30 early tender premium for notes tendered by the early tender date.
The company said it paid $46,638,729 for the notes, which included accrued interest, according to an 8-K filed with the Securities and Exchange Commission. Settlement for all of the tendered notes occurred Dec. 27.
As previously noted, the company offered to purchase an amount of 6% notes equal to the difference between the total amount of 5.875% notes tendered and $100 million.
Both series of notes were issued by Reckson, a wholly owned subsidiary of the company's operating partnership, SL Green Operating Partnership, LP.
The offer was not conditioned on the tender of a minimum principal amount of any series of notes.
The company funded the repurchase with a portion of the proceeds from its recent issuance of $200 million of 4.5% senior notes due 2022.
J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-4811) and Wells Fargo Securities, LLC (866 309-6316 or collect 704 715-8341) were the dealer managers. Global Bondholder Services Corp. (866 804-2200 or at collect 212 430-3774) was the information agent and depositary.
The real estate investment trust is based in New York.
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