SL Green holders may exchange 3% notes due 2017 until mid-October

By Susanna Moon

Chicago, Sept. 14 – SL Green Operating Partnership, LP holders may exchange its 3% exchangeable senior notes due Oct. 16, 2017 from Sept. 14 until the close of business on Oct. 12, according to an 8-K filing with the Securities and Exchange Commission.

The company previously said on July 3 that the notes were exchangeable until Sept. 29 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 June 30.

In addition, the company declared a dividend on its common stock, which resulted in an adjustment to the exchange rate to 12.8093 shares of common stock per $1,000 principal amount of notes, effective as of June 28. This is equivalent to a conversion price of $78.07.

SL Green Realty’s stock (NYSE: SLG) closed at $96.12 on Sept. 13.

The notes are guaranteed by Reckson Operating Partnership, LP.

The notes were also convertible for the quarter ended June 30.

SL Green is a real estate investment trust based in New York.

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