Acres Commercial Realty repurchases $39.8 million 4.5% convertibles

By Wendy Van Sickle

Columbus, Ohio, Feb. 15 – Acres Commercial Realty Corp. repurchased $39.8 million of its outstanding 4.5% convertible senior notes due 2022 at par in a privately negotiated transaction on Feb. 11, according to an 8-K filing with the Securities and Exchange Commission.

The anticipated charge to earnings for the repurchase is about $574,000, or $0.06 per share, comprising an extinguishment of debt charge of $460,000 in connection with the acceleration of the market discount and interest expense of $114,000.

Following the repurchases, $48.2 million in principal amount will remain outstanding.

Acres is a real estate investment trust based in Westbury, N.Y.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.