Post Apartment Homes begins tender offer for 7.7%, 5.125% notes

By Angela McDaniels

Tacoma, Wash., Feb. 11 - Post Apartment Homes, LP has begun a tender offer to purchase any and all of its $185 million 7.7% notes due Dec. 20, 2010 and $100 million 5.125% notes due Oct. 12, 2011, according to a company news release.

For each $1,000 principal amount of notes, the company is offering par for the 7.7% notes and $950 for the 5.125% notes. Holders will also receive accrued interest up to but excluding the payment date, which is expected to be the first business day following the offer expiration.

The offer is scheduled to expire at 5 p.m. ET on Feb. 19.

The company said the offer is subject to some customary conditions but is not conditioned on the tender of a minimum amount of notes.

J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424) is the dealer manager, and Global Bondholder Services Corp. (866 387-1500 or 212 430-3774) is the depositary and information agent.

Post Apartment Homes is the operating subsidiary of Post Properties, Inc. an Atlanta-based real estate investment trust that develops and operates upscale multifamily communities.

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