Forest City swaps stock for $40 million 5% convertibles due 2016

By Melissa Kory

Cleveland, May 10 - Forest City Enterprises, Inc. said it completed an exchange of $40 million of its 5% convertible senior notes due 2016 for 3,444,293 shares of its class A common stock, according to an 8-K filed with the Securities and Exchange Commission.

After the exchange, $50 million of the notes remains outstanding.

Forest City is a Cleveland-based real estate company.

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