Washington REIT to redeem all $2.66 million of 3.875% convertibles

By Toni Weeks

San Diego, Aug. 16 - Washington Real Estate Investment Trust has issued a call to fully redeem its $2,659,000 of 3.875% convertible senior notes due Sept. 15, 2026, according to an announcement.

The notes will be redeemed at par plus accrued interest on Sept. 20.

Holders of the notes may instead elect to convert the notes at any time before the close of business on Sept. 19 at a conversion rate of 20.3085 common shares per $1,000 principal amount of notes, which is equal to a conversion price of about $49.24 per share. Washington's stock (NYSE: WRE) closed at $30.30 on Aug. 15.

New York Mellon Trust Co., NA is the trustee, paying agent and conversion agent.

Washington is a Rockville, Md.-based real estate investment trust.

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