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Equity LifeStyle holders tender 68% of 8.034% preferreds for exchange
By Susanna Moon
Chicago, Sept. 10 - Equity LifeStyle Properties, Inc. investors tendered and the company accepted for exchange 5.4 million, or 68%, of the 8 million outstanding shares of its 8.034% series A cumulative redeemable perpetual preferred stock.
The exchange offer ended at midnight ET on Sept. 7. Settlement will occur shortly, according to a company press release. The offer began on Aug. 9.
As reported, in exchange for the tendered preferreds, holders will receive one newly issued depositary share representing 1/100th of a share of its newly created 6¾% series C cumulative redeemable perpetual preferreds with a liquidation value equal to $25.00 per share.
The company also will pay cash for accrued dividends through and including the expiration date.
The series C shares represented by the depositary shares are substantially the same as the series A shares, except that they are non-callable for about five years, compared with the series A shares, which are callable at any time.
Also, the dividend rate will be 6¾% for the series C shares represented by the depositary shares, compared with 8.034% for the series A shares.
The exchange offer was conditioned on the tender of at least 4 million series A shares and the company's belief that the depositary shares to be issued under the offer will be eligible for listing on the New York Stock Exchange.
At the end of the offer, if at least 4 million series A shares have been tendered, the company will acquire all tendered series A shares from the tendering holders, according to a prior release.
The company previously said it may choose to redeem series A shares at any time for $25.00 per share plus accrued dividends.
MacKenzie Partners, Inc. (800 322-2885) is the information agent.
The series A shares are listed on the NYSE under the symbol "ELS-PA."
Equity LifeStyle Properties is a real estate investment trust with headquarters in Chicago.
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