Alexandria Real Estate buys back $7.1 million more of 8% convertibles

By Susanna Moon

Chicago, July 29 - Alexandria Real Estate Equities, Inc. said it repurchased an additional $7.1 million principal amount of its 8% unsecured convertible notes for cash of about $12.8 million.

The privately negotiated buyback occurred in July, according to the company's second-quarter earnings release.

As a result, the company expects to record a loss on early extinguishment of debt related to the repurchase in the third quarter of about $1.3 million.

Alexandria Real Estate said on June 14 that it completed an exchange offer for its 8% convertibles, getting tenders of $232,679,000, or 96.95%, of the outstanding notes.

Following settlement, $7,321,000 principal amount of the notes remained outstanding.

Pasadena, Calif.-based Alexandria is a real estate investment trust that focuses on offices and laboratories that are leased to research entities and government agencies.

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