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SL Green holders may convert 3% exchangeables through March 31
By Tali Rackner
Norfolk, Va., Jan. 4 – SL Green Operating Partnership, LP holders may convert their 3% exchangeable senior notes due 2017 during the quarter ending March 31, according to an 8-K filing with the Securities and Exchange Commission.
The notes are exchangeable because SL Green Realty Corp.’s common stock closed at or above 130% of the exchange price for at least 20 out of the 30 consecutive trading days ended Dec. 31.
In addition, the company said it declared a dividend on its common stock that requires an adjustment to the exchange rate.
The exchange rate as of Dec. 30 is 12.3416 shares of common stock per $1,000 principal amount of notes, which is equivalent to an exchange rate of $81.03 per share.
The company’s stock closed at $110.08 (NYSE: SLG) on Monday.
The notes are guaranteed by Reckson Operating Partnership, LP.
SL Green is a real estate investment trust based in New York.
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