Lexington buys back $160.5 million 5.45% exchangeables year to date

By Angela McDaniels

Tacoma, Wash., Oct. 6 - Lexington Realty Trust said it recently repurchased $32.5 million of the 5.45% exchangeable guaranteed notes issued by its subsidiary, Lexington Master LP.

The New York-based real estate investment trust paid $28.9 million, including $5.4 million in cash and 1,620,879 common shares at an average price of $14.50 per share. Noteholders also received accrued interest.

In the year to date, Lexington has repurchased $160.5 million of the exchangeables for $141.3 million in cash and shares, representing a discount of about 12%.

Following these repurchases, $289.5 million of the exchangeables remain outstanding.

Since the beginning of 2008, Lexington has retired a total of $256.5 million of senior debt and preferred securities at a cost of about $204.5 million, according to a REIT news release.

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