Weingarten lifts cap on tender offer for 3.95% convertibles due 2026

By Susanna Moon

Chicago, June 29 - Weingarten Realty Investors said it increased the maximum tender amount for its $454,921,000 of 3.95% convertible senior unsecured notes due Aug. 1, 2026 by $77,945,000 for a new total of $325 million.

The company also extended the offer by 10 days to midnight ET on July 13. The offer began on June 1.

As of midnight on June 26, investors had tendered $317,525,000, or 69.8%, of the notes.

Holders will receive $950 for each $1,000 note.

On June 9, Weingarten wrapped a separate tender offer for seven series of non-convertible notes.

In that offer, holders tendered $82.33 million of the $200 million of 7% senior unsecured notes due July 15, 2011, $10,000 of the $12 million of 7.07% medium-term notes due June 26, 2009, none of the $20 million of 7.35% medium-term notes due July 20, 2009, none of the $10 million of 7.4% medium-term notes due Dec. 21, 2010, $5,035,000 of the $15 million of 7.44% medium-term notes due Aug. 19, 2011, $14.07 million of the $15 million of 7.5% medium-term notes due Dec. 19, 2010 and $1.5 million of the $10.5 million of 8.25% medium-term notes due Jan. 22, 2010.

Holders received par for each $1,000 principal amount of the notes.

Weingarten previously said $247,055,000 was available to purchase a portion of its 3.95% convertibles.

J.P. Morgan Securities Inc. (866 834-4666 or collect 212 834-3424) is the dealer manager.

Global Bondholder Services Corp. (866 470-4200 or collect 212 430-3774) is the information agent.

Weingarten is a Houston-based real estate investment trust.

© 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.