Gramercy Capital offers to buy 4 million 8 1/8% series A preferreds

By Devika Patel

Knoxville, Tenn., Oct. 1 - Gramercy Capital Corp. said it has launched an offer to purchase up to 4 million of its 8 1/8% series A cumulative redeemable preferred stock.

The company will pay $15.00 per preferred in the offer, which expires at 5 p.m. ET on Oct. 29.

The company has been advised that an investor, who holds 20% of the preferreds, is "supportive of the offer and intends to participate," according to a press release.

Citigroup Global Markets Inc. (800 558-3745) is the dealer manager, and D.F. King & Co., Inc. (800 859-8508) is the information agent and depositary.

Gramercy is an integrated commercial real estate finance and property investment company based in New York.

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