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Link Parks concludes tender offer for series X, Y, Z preferreds
By Marisa Wong
Los Angeles, Sept. 28 – Link Parks Inc., formerly known as PS Business Parks Inc., announced the results of its Aug. 15 cash tender offer for any and all of three series of preferred securities, according to a news release.
Holders had tendered and the company has accepted for purchase the following:
• 184,941 in number of the $66,203,325 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.25% cumulative preferred stock, series X, (Cusip: 69360J594), for a price of $13.30 per preferred share;
• 138,628 in number of the $42,875,025 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.2% cumulative preferred stock, series Y, (Cusip: 69360J578), for a price of $13.57 per preferred share; and
• 135,283 in number of the $53,781,925 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 4.875% cumulative preferred stock, series Z, (Cusip: 69360J552), for a price of $13.91 per preferred share.
The offers expired at 5 p.m. ET on Sept. 27.
Settlement is expected to be on Sept. 29.
A quarterly dividend authorized by the company’s board of directors on Aug. 15 that is payable on Oct. 2 to holders of record on Sept. 15 is not included in the purchase price but will be paid to holders of the securities regardless of whether they participate in the tender offer.
The company made previous offers to purchase the same preferreds on Nov. 22, 2022 and March 1, 2023 at prices of $15.29, $15.33 and $14.34 for the series X, Y and Z preferreds, respectively, for each offer.
BofA Securities (888 292-0070 or 980 387-3907) is acting as dealer manager for the offers.
Link Parks is a New York-based real estate investment trust.
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