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Link Parks tenders for all series X, Y, Z preferreds
By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – Link Parks Inc., formerly known as PS Business Parks Inc., began a cash tender offer for any and all of three series of preferred securities, according to a news release.
The company is tendering for
• $66,203,325 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.25% cumulative preferred stock, series X, (Cusip: 69360J594), for a price of $13.30 per preferred share;
• $42,875,025 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 5.2% cumulative preferred stock, series Y, (Cusip: 69360J578), for a price of $13.57 per preferred share; and
• $53,781,925 outstanding liquidation preference of depository shares, each representing 1/1,000 of a share of 4.875% cumulative preferred stock, series Z, (Cusip: 69360J552), for a price of $13.91 per preferred share.
The offers will expire at 5 p.m. ET on Sept. 27.
The company made previous offers to purchase the same preferreds on Nov. 22, 2022 and March 1, 2023 at prices of $15.29, $15.33 and $14.34 for the series X, Y and Z preferreds, respectively, for each offer.
A quarterly dividend authorized by the company’s board of directors on Aug. 15 that is payable on Oct. 2 to holders of record on Sept. 15 is not included in the purchase price but will be paid to holders of the securities regardless of whether they participate in the tender offer.
Settlement is to occur promptly after the expiration date.
BofA Securities (888 292-0070 or 980 387-3907) is acting as dealer manager for the offers.
Link Parks is a New York-based real estate investment trust.
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