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First Industrial increases tender offer cap for notes to $160 million
By Angela McDaniels
Tacoma, Wash., Jan. 25 - First Industrial Realty Trust, Inc.'s operating partnership, First Industrial, LP, increased the maximum principal amount of notes it will purchase in the tender offer for its 7 3/8% notes due 2011, 6 7/8% senior notes due 2012 and 6.42% senior notes due 2014 to $160 million from $125 million, according to a company news release.
The notes are listed in order of acceptance priority level.
For the 7 3/8% notes and 6 7/8% notes, First Industrial will pay $970 per $1,000 principal amount plus an early tender premium for notes tendered by 5 p.m. ET on Jan. 22 for a total of $1,000 per $1,000 principal amount.
First Industrial is offering $840 per $1,000 principal amount of the 6.42% notes plus an early tender premium of $30 for a total of $870.
The company will also pay accrued interest up to but excluding the payment date.
As of the early tender time, holders had tendered $72.7 million of 7 3/8% notes, $66.2 million of 6 7/8% notes and $14.4 million of 6.42% notes.
There is $143,498,000 principal amount of 7 3/8% notes, $144,065,000 of 6 7/8% notes and $113 million of 6.42% notes outstanding.
The tender offer began Jan. 8 and ends at 11:59 p.m. ET on Feb. 5.
The offer is not conditioned on the tender of any minimum principal amount of notes.
Lazard Capital Markets LLC (877 364-0850 or 212 632-1979) is the lead dealer manager. J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC are co-dealer managers. The information agent is Global Bondholder Services Corp. (866 952-2200 or 212 430-3774).
First Industrial is a Chicago-based owner and manager of industrial real estate.
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