Inland may buy back $30 million of its 4.625% convertibles due 2026, repurchases $10.5 million convertibles

By Devika Patel

Knoxville, Tenn., Dec. 8 - Inland Real Estate Corp. said it has authorized the repurchase of up to $30 million of its outstanding 4.625% convertible senior notes due 2026 in open market or private transactions.

The company also said it has repurchased $10.5 million of its convertible senior notes using available funds on hand in a privately negotiated transaction.

About $169.5 million of the notes remains outstanding.

Holders may require the company to repurchase all or a portion of the notes beginning in November 2011.

Inland Real Estate is an Oak Brook, Ill.-based real estate investment trust that owns interests in 146 neighborhood, community, power and lifestyle retail centers and single-tenant properties.

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