Weingarten buys back $67 million in 3.95% convertibles for $56.4 million after March 31

By Susanna Moon

Chicago, May 8 - Weingarten Realty Investors repurchased $67 million of its 3.95% convertible senior unsecured debentures due 2026 for $56.4 million, including accrued interest, after March 31, according to a 10-Q filing with the Securities and Exchange Commission.

The company issued $575 million of the convertibles in 2006. They are convertible at an initial rate of 20.3770 common shares per $1,000 principal amount of debentures, or at an initial conversion price of $49.075.

The convertible are callable beginning 2011 at par plus accrued interest. The notes are putable at par plus accrued interest in 2011, 2016 and 2021 and in the event of a change in control.

The company said on April 27 that it purchased $57 million of the 3.95% convertibles for $47.1 million during the first quarter.

Weingarten is a Houston-based real estate investment trust.

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