Corporate Office Properties gives tender offers results, to redeem remaining notes

Chicago, March 11 – Corporate Office Properties LP gave results for its two tender offers on Thursday and announced the delivery of notices of redemption for the remaining notes, according to a press release.

The first offer was for the $350 million outstanding of 3.6% senior notes due 2023 (Cusip: 22003BAG1).

The company received tenders for $184,424,000, or 52.69%, of the notes by the 5 p.m. ET March 9 deadline.

An additional $29,000 of the notes were tendered via guaranteed delivery.

Payment is expected for March 11 for the tendered notes and on March 12 for any notes that were tendered by guaranteed delivery.

As previously reported, the company is paying $1,066.81 for each $1,000 note, plus interest up to the relevant settlement date.

The second offer, for any and all of the $250 million 5.25% senior notes due 2024 (Cusip: 22003BAH9), expired at 5 p.m. ET on March 10.

The company received tenders for $145,415,000, or 58.17%, of the outstanding notes. An additional $531,000 of the notes were tendered through guaranteed delivery notice.

Settlement will be the same, March 11, for the majority of the notes tendered and will be March 15 for the 2024 notes tendered through guaranteed delivery notice.

Payment will be $1,131,31 per $1,000 note, as previously reported, plus interest to the applicable settlement date.

The company has additionally now issued a redemption notice for all of the remaining notes not tendered in the offers.

The redemption date has been set for April 12. Pricing will be determined based on the applicable indenture governing each series.

The redemption will be funded from the issuance and sale by the issuer of 2.75% senior notes due 2031.

The real estate investment trust for suburban office properties is based in Columbia, Md.

© 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.