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UDR buys back $78.7 million convertibles at 28% discount
By Susanna Moon
Chicago, Jan. 16 - UDR, Inc. said it repurchased $78.7 million of convertible notes due Sept. 15, 2011 for $56.7 million.
The purchase price represents a 28% discount to par, resulting in a net gain after expenses of $20.6 million and an average yield to maturity of 16.5%.
"I'm pleased to say that we've been able to use disruption in the credit markets to our advantage," Thomas W. Toomey, president and chief executive officer of UDR, said in a statement. "By repurchasing these notes, we were able to deliver an attractive yield while reducing our 2011 debt obligation."
UDR is a Denver-based real estate investment trust.
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