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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
UDR launches tender, consent bid for $53.12 million 8½% notes due 2024
By Susanna Moon
Chicago, Aug. 4 - UDR, Inc. said it began a tender offer and consent solicitation for its $53,118,000 principal amount of outstanding 8½% debentures due Sept. 15, 2024.
The tender offer will expire at 11:59 p.m. ET on Aug. 31. The consent solicitation will end at 5 p.m. ET on Aug. 17.
Funding for the offer will come from borrowings under credit facilities.
The company will pay $1,010 per $1,000 principal amount of notes, including $30 for notes tendered by the early deadline.
UDR said it is soliciting consents to eliminate some restrictive covenants and events of default contained in the indenture governing the notes. Holders may not tender their notes without delivering consents or vice versa.
Wells Fargo Securities LLC (866 309-6316 or 704 715-8341) is the dealer manager. Global Bondholder Services Corp. (866 924-2200 or 212 430-3774) is the information agent.
UDR is a Denver-based real estate investment trust.
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