Forest City to redeem $32 million of 3.625% convertibles on Nov. 21

By Susanna Moon

Chicago, Oct. 12 – Forest City Realty Trust, Inc. said it issued a call for its $32 million principal amount of outstanding 3.625% convertible senior notes due 2020.

The notes will be redeemed on Nov. 21 at par plus accrued interest up to but excluding the redemption date, according to a company announcement.

Holders may convert their notes up to the close of business on Nov. 20.

The company’s stock (NYSE: FCEA) closed at $25.11 on Oct. 11.

As announced June 11, Forest City adjusted the conversion rate of the 3.625% convertibles after the payout of first- and second-quarter 2018 common stock cash dividends.

The conversion rate for each $1,000 principal amount was adjusted 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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