Reckson calls remaining 7 5/8% convertibles

New York, Sept. 14 - Reckson Associates Realty Corp. said it will redeem its remaining 7 5/8% series A convertible cumulative preferred stock on Oct. 15.

The Melville, N.Y., office real estate investment trust will pay $25.7625 per share plus accrued dividends of $0.3918 per share.

Reckson currently has 5.344 million shares of the convertibles outstanding.

Holders can convert the securities up to Oct. 8 at a price of $28.51 per share of common stock. Reckson stock closed at $28.05 on Tuesday.

Reckson previously announced that it will redeem 2 million shares of the convertibles on Sept. 20.

"The redemption of our remaining outstanding preferred stock with newly issued common equity, will further strengthen our balance sheet, create additional financial flexibility and improve our dividend payout ratio," said Michael Maturo, Reckson's chief financial officer.

© 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.