Alexandria Real Estate launches exchange offer for 8% convertibles

By Jennifer Chiou

New York, May 14 - Alexandria Real Estate Equities Inc. announced the start of an exchange offer for its $240 million of 8% senior convertible notes due 2029.

The offer will end at 11:59 p.m. ET on June 11.

The company registered up to $399.45 million of its common stock, or 5,797,104 of its shares at a proposed maximum offering price of $68.91 apiece in an S-4 filing with the Securities and Exchange Commission. The figures represent the shares that may be issued in the exchange.

For each $1,000 principal amount, the company is offering 24.1546 of its shares, a cash payment of $180 and accrued interest to the settlement date.

There is no minimum tender condition.

Bank of America Merrill Lynch (980 388-9217 or call collect 888 292-0070), Citi (877 531-8365) and J.P. Morgan (800 261-5767) are the joint dealer managers. D.F. King & Co., Inc. is the information and exchange agent (212 269-5550 or 800 431-9633).

Pasadena, Calif.-based Alexandria is a real estate investment trust that focuses on offices and laboratories that are leased to research entities and government agencies. Its shares closed at $69.76 per share on May 10.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.