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Anthracite misses payments on 7.2% notes, junior subordinated notes
By Caroline Salls
Pittsburgh, Oct. 1 - Anthracite Capital, Inc. did not make interest payments due Sept. 30 on its $25 million principal amount of 7.2% senior notes due 2016 and the $15.5 million of junior subordinated notes due 2036 related to Anthracite Capital Trust III, according to an 8-K filed with the Securities and Exchange Commission.
The company has 30-days to make both payments until non-payment triggers events of default.
In addition, the company said it did not meet all of the principal paydown requirements on its secured facilities with Bank of America, Deutsche Bank and Morgan Stanley.
Anthracite has 90 days to cure these shortfalls.
According to the 8-K, the company made interest payments Wednesday that were originally due on Sept. 1 on its 11.75% convertible senior notes due 2027.
Anthracite Capital is a New York specialty finance company focused on investments in high-yield commercial real estate loans and related securities.
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