LNR buys back $51.7 million 10½% notes

New York, Oct. 23 - LNR Property Corp. said it bought back $51.7 million principal amount of its 10½% senior subordinated notes due 2009 on Oct. 21 and 22.

The repurchases are in addition to $79.9 million principal amount of the notes it bought on Oct. 14 and 15.

The Miami Beach, Fla. real estate investment and finance company previously announced a tender offer for all its outstanding 10½% notes and said it would redeem any remaining notes at their first call date on Jan. 15. But it added that it is seeking to acquire as many as possible of the 10½% notes before then in order to minimize interest costs.

The tender offer will expire at 5 p.m. ET on Nov. 13, subject to possible extension. Tendered notes may be withdrawn at any time until the expiration deadline.

LNR said it would repurchase the notes at a price equal to 106.892% of their principal amount, plus accrued interest up to, but not including, the payment date for the notes, which is expected to be on Nov. 14.

Deutsche Bank Securities is acting as dealer manager for the tender offer. U.S. Bank Trust NA will be the depositary to which tendered notes must be delivered by book-entry transfer through The Depositary Trust Co. MacKenzie Partners, Inc. is the information agent (800 322-2885).

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