Inland Real Estate buys back $2.7 million 4.625% convertibles

By Jennifer Chiou

New York, Nov. 15 - Inland Real Estate Corp. announced in an investor presentation filed with the Securities and Exchange Commission that it completed the repurchase of $2.7 million of its 4.625% convertible senior notes due 2026 in September.

Since December 2008, the Oak Brook, Ill.-based real estate investment trust has bought back $72.7 million of the notes.

Inland added that it is in the documentation stages for a $50 million seven-year term loan that may be used, along with its line of credit, to retire $78.1 million of the convertibles with a first put date of Nov. 15.

The company said that the term loan's all-in rate of 3.5% would mean a significant amount of interest expense savings.

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