Search
 

Equity Office In Debt Private Placement

Chicago- Equity Office Properties issues $300 million of exchangeable, senior unsecured debt notes.

By Ted Jackson | Updated on August 28, 2000

Equity Office Properties Trust (EOP: NYSE), the nation’s largest office real-estate investment trust, is issuing $300 of exchangeable debt through its EOP Operating Limited Partnership in a private placement, the trust said. Underwriters have the option of issuing an additional $75 million worth of notes over the next 30-days, should investor demand warrant.

The notes are exchangeable into common shares of Equity Office Properties Trust initially at $34 a share, which is an approximate a 15% premium over EOP’s current share price of $29 7/16. The notes are non-callable for four years and mature November 15, 2008. Investors are being given a play on EOP’s distribution growth as interest on the notes will be the greater of either 7.25% annually or the product of two times EOP’s cash distribution to common shareholders for the most recent fiscal quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.