SL Green holders may continue to exchange 3% notes through September

By Tali Rackner

Minneapolis, July 3 – SL Green Operating Partnership, LP holders may continue to exchange their 3% exchangeable senior notes due 2017 during the quarter ending Sept. 29, according to an 8-K filing with the Securities and Exchange Commission.

The notes are exchangeable because SL Green Realty Corp.’s common stock closed at or above 130% of the exchange price for at least 20 out of the 30 consecutive trading days ended Friday.

In addition, the company declared a dividend on its common stock, which resulted in an adjustment to the exchange rate to 12.8093 shares of common stock per $1,000 principal amount of notes, effective as of June 28. This is equivalent to a conversion price of $78.07.

SL Green Realty’s stock closed at $105.80 (NYSE: SLG) on June 30.

The notes are guaranteed by Reckson Operating Partnership, LP.

The notes were also convertible during the quarter ended Friday.

SL Green is a real estate investment trust based in New York.

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