Forest City lifts conversion rates for 4.25%, 3.625% convertibles

By Susanna Moon

Chicago, June 11 – Forest City Realty Trust, Inc. said it adjusted the conversion rates of its 4.25% convertible senior notes due 2018 and its 3.625% convertible senior notes due 2020.

The adjustments are being made “as a result of the cumulative impact of the company's previously announced first-quarter and second-quarter 2018 common stock cash dividends of $0.18 per common share in each quarter,” according to a company notice.

The conversion rate for each $1,000 principal amount will be adjusted to 48.6489 shares from 47.8122 shares for the 4.25% convertibles and to 43.5570 shares from 42.8079 shares for the 3.625% convertibles.

Forest City is a Cleveland-based real estate company.

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