Forest City to terminate put rights associated with 3.625% notes

By Angela McDaniels

Tacoma, Wash., May 31 - Forest City Enterprises, Inc.'s 3.625% putable equity-linked senior notes due 2014 will no longer be putable after June 20, according to a company news release.

Holders who elect to put their notes between May 31 and June 20 will receive 68.7758 shares of the company's class A common stock per $1,000 principal amount of notes.

The number of shares is equivalent to a conversion price of $14.54. The company's stock closed at $25.09 (NYSE: FCY) on May 31.

Holders who put their notes will also receive a cash payment for interest payable on the notes through Oct. 14.

As of May 31, there were $61,147,000 notes outstanding.

Forest City Enterprises is a real estate company based in Cleveland.

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