First Industrial greenshoe fully exercised for $200 million total exchangeables

By Laura Lutz

Des Moines, Oct. 3 - First Industrial, LP announced the full exercise of the $25 million greenshoe in its issue of 4.625% exchangeable senior notes due 2011, bringing the total deal size to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The deal priced on Sept. 19 as a $175 million issue.

The five-year notes were originally offered at par with an initial conversion premium of 20%.

The notes are issued by First Industrial Realty's operating partnership, First Industrial LP, and will be exchangeable into common shares of the listed company. First Industrial Realty is guaranteeing the notes.

JP Morgan, Credit Suisse and Merrill Lynch were the bookrunners of the Rule 144A offering.

As previously reported, the company said it will enter into hedging transactions using the proceeds of the deal. It will also use the proceeds to reduce its borrowings on a 5.867% loan, acquire and develop properties and pay off the $150 million outstanding of 7% senior notes due Dec. 1, 2006, upon the maturity of that debt security.

First Industrial is a Chicago-based real estate investment trust that develops industrial real estate in the United States and Canada.

© 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.