By Paul A. Harris
St. Louis, March 29 - MHC Operating LP, the operating partnership of Equity LifeStyle Properties Inc., completed a $25 million private placement of 8.0625% series D cumulative redeemable perpetual preferred units, the company said in a news release.
The units come with five years of call protection.
Proceeds from the offering were used to pay down amounts outstanding under the company's line of credit.
No other details regarding the new 8.0625% units were disclosed in the news release, and the company declined to provide further information when contacted Tuesday by Prospect News.
The company also said that MHC Operating LP had an existing $125 million of 9% series D cumulative redeemable perpetual preference units outstanding that were callable by the company as of September 2003. In connection with the new issue, the partnership has agreed to extend the non-call provision of the series D 9% units to be coterminous with the new issue, and that the institutional investors holding the series D 9% units have agreed to lower the rate on those units to 8.0625%.
Equity LifeStyle Properties owns or has an interest in 275 communities in 25 states and British Columbia. The company is a self-administered, self-managed, real estate investment trust with headquarters in Chicago.
| Issuer: | MHC Operating LP (operating partnership of Equity LifeStyle Properties Inc.)
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| Amount: | $25 million
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| Maturity: | Perpetual
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| Dividend: | 8.0625%
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| Security description: | Series D cumulative redeemable perpetual preferred units
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| Call protection: | Five years
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