First Potomac buys back $40 million 4% exchangeables in 2008, $12 million more in January

By Angela McDaniels

Tacoma, Wash., Feb. 25 - First Potomac Realty Trust said it repurchased $40 million of its 4% exchangeable senior notes due 2011 during 2008.

According to the company's earnings release, $6 million of those exchangeables were bought back on Dec. 10 at a discount of 28.5%. Borrowings under First Potomac's term loan were used to fund this repurchase.

In January, the company used available cash to retire $12 million of the exchangeables at a weighted average discount of 30.9%.

First Potomac is a Bethesda, Md.-based real estate investment trust that focuses on industrial properties and business parks in the Washington, D.C., metropolitan area. Its largest tenant is the U.S. government.

© 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.