Forest City to buy back $153.6 million of 4.25%, 3.625% convertibles

By Susanna Moon

Chicago, March 9 – Forest City Realty Trust, Inc. said it will repurchase about $77.3 million principal amount of its 4.25% convertible senior notes due 2018 and about $76.3 million principal amount of its 3.625% convertible senior notes due 2020.

Forest City has executed separate, privately negotiated agreements to repurchase the convertibles for $177.8 million in cash, including interest payable on the notes through maturity and added cash inducement, according to a company notice.

Under the agreements, on March 14, the noteholders involved will receive $1,176.50 per $1,000 principal amount of the 2018 notes and $1,137.90 per $1,000 principal amount of the 2020 notes repurchased, the release noted.

After the repurchases, there will remain outstanding $77.2 million of the 2018 notes and $40 million of the 2020 notes.

Forest City is a Cleveland-based real estate company.

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