MPG to issue stock in exchange for $5.47 million 7.625% preferreds

By Angela McDaniels

Tacoma, Wash., July 25 - MPG Office Trust, Inc. agreed to issue common shares in exchange for $5,465,875 of its 7.625% series A cumulative redeemable preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

The company will exchange 1,127,597 shares of common stock for 218,635 of the preferreds, which have a liquidation preference of $25.00 each.

For the purposes of this exchange, the exchange ratio is 5.157 shares of common stock for each preferred. This values the preferreds at $19.00 each and the common stock at $3.684 per share, which is the trailing five-day average closing price.

MPG Office Trust, formerly Maguire Properties, Inc., is a Los Angeles-based real estate investment trust with a focus on office properties in the Southern California market.

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