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Capital Automotive gets tenders for 96% of 7½% preferreds, 89% of 8% preferreds
By Jennifer Chiou
New York, Feb. 14 - Capital Automotive LLC said it accepted tenders for 3,797,764 units or 96% of its 7½% series A cumulative redeemable preferreds and 2,325,283 or 89% of its 8% series B cumulative redeemable preferred units.
Holders who tendered by the expiration of 5 p.m. ET on Feb. 13 will receive $25.00 per unit.
The company said it will make the regular quarterly distribution for the period ending Jan. 31 to holders of record as of Feb. 1. It will be paid on or about Feb. 15. It added it will pay a partial distribution for the amount accrued from Jan. 31 to the expiration date.
Capital Automotive is a McLean, Va., specialty finance company for automotive retail real estate, and the successor to Capital Automotive REIT. The units replace similar preferred shares.
The offer, launched on Jan. 13, was subject to conditions including a financing condition.
Wachovia Securities is dealer manager (866 309-6316 or call collect 704 715-8341). Morrow & Co., Inc. is the information agent (holders call 800 607-0088, banks and brokerages call 800 662-5200).
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