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SL Green Realty tenders for 5.875% notes, 6% notes issued by Reckson
By Susanna Moon
Chicago, Nov. 28 - SL Green Realty Corp. said it began a cash tender offer for any and all of the $98,578,000 outstanding 5.875% notes due 2014 and for some of the $275 million outstanding 6% notes due 2016 issued by Reckson Operating Partnership, LP.
In the offer, the company will purchase an amount of 6% notes equal to the difference between the total amount of 5.875% notes tendered and $100 million, according to a company press release.
Both series of notes were issued by Reckson, a wholly owned subsidiary of the company's operating partnership, SL Green Operating Partnership, LP.
For each $1,000 principal amount, the total purchase price will be $1,065 for the 5.875% notes and $1,110 for the 6% notes. The total payment for each series of notes includes a $30 early tender premium for notes tendered by 5 p.m. ET on Dec. 11, the early tender date.
Holders who tender their notes after the early deadline will receive $1,035 for each $1,000 of 5.875% notes and $1,080 for each $1,000 of 6% notes.
The company also will pay accrued interest up to but excluding the payment date, which will be the business day after the offer ends.
The tender offer will end at midnight ET on Dec. 26.
Tendered notes may be withdrawn by the early tender deadline.
The offer is not conditioned on the tender of a minimum principal amount of any series of notes.
J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-4811) and Wells Fargo Securities, LLC (866 309-6316 or collect 704 715-8341) are the dealer managers. Global Bondholder Services Corp. (866 804-2200 or at collect 212 430-3774) is the information agent and depositary.
The real estate investment trust is based in New York.
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