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LNR Property Draws $135 Mil in New Senior Subordinated Notes

MIAMI-The locally based real estate investment, finance and management company adds to an original issue of $100 million first underwritten in January 1999 by Deutsche Banc Alex. Brown.

By David R. Corder | Updated on February 09, 2001

MIAMI-LNR Property Corp. has added $135 million in new senior subordinated notes to an existing issue the locally based real estate investment, finance and management company first opened in January 1999. The publicly traded company plans to use the proceeds for working capital, Shelly Rubin, LNR Property chief financial officer, tells GlobeSt.com.

As the sole lead underwriter, Deutsche Banc Alex. Brown first issued the company $100 million in senior subordinated notes. A total of $235 million in senior notes now comes due in January 2009.

The transaction emerged out of an investment conference LNR Properties held on Feb. 6 with several potential investors. At the conference, the company estimated the market value of its unencumbered assets at between $650 million to $800 million.

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