SL Green 3% notes exchangeable through Dec. 30; exchange rate changed

By Tali Rackner

Norfolk, Va., Oct. 3 – SL Green Operating Partnership, LP holders may convert their 3% exchangeable senior notes due 2017 during the quarter ending Dec. 30, 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 Sept. 30.

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 Sept. 28 is 12.5697 shares of common stock per $1,000 principal amount of notes, or an exchange price of $79.56.

The company’s stock closed at $107.03 (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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