Acadia Realty greenshoe fully exercised, upping convertibles to $115 million

By Laura Lutz

Des Moines, Jan. 18 - Acadia Realty Trust said that the underwriters of its recent offering of 3.75% convertible senior notes exercised their $15 million greenshoe in full, raising the deal size to $115 million.

The offering priced on Dec. 6 with a 20% initial conversion premium.

Merrill Lynch and Lehman Brothers were the bookrunners of the Rule 144A offering.

The notes are non-callable for the first five years, with puts in years five, 10 and 15.

There is a contingent conversion hurdle at 130% of the conversion price.

Acadia, a White Plains, N.Y.-based real estate investment-trust focused on retail properties, plans to use the proceeds of the deal to repay outstanding debt, to fund capital commitments and for general purposes.

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