UDR extends early tender deadline in offer for 8½% notes due 2024

By Angela McDaniels

Tacoma, Wash., Aug. 18 - UDR, Inc. said it extended the early tender deadline in the tender offer and consent solicitation for its 8½% debentures due Sept. 15, 2024 to 5 p.m. ET on Aug. 19 from Aug. 17.

The offer for the $53,118,000 outstanding principal amount of notes began Aug. 4 and will expire at 11:59 p.m. ET on Aug. 31.

The company will pay $1,010 per $1,000 principal amount of notes, including $30 for each note tendered by the early deadline.

Funding for the offer will come from borrowings under credit facilities.

UDR said it is soliciting consents to eliminate some restrictive covenants and events of default contained in the indenture governing the notes. Holders who tender their notes must deliver consents and vice versa.

The offer is conditioned on the receipt of tenders and consents from holders of at least a majority of the notes by the early tender deadline.

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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