Lexington Realty buys back $239 million 5.45% exchangeables in 2008

By Susanna Moon

Chicago, March 2 - Lexington Realty Trust repurchased $239 million of 5.45% exchangeable guaranteed notes due 2027 last year, according to a 10-K filing with the Securities and Exchange Commission.

The company paid $169.5 million in cash and 1.6 million common shares worth $23.5 million at issuance, or $14.50 per share.

The buyback resulted in gains on debt extinguishment of $42 million, including write-offs of $4 million in deferred financing costs.

Lexington issued $450 million of the exchangeables in 2007.

The notes may be put beginning in 2012 and every five years thereafter.

The notes are exchangeable into common shares at $21.99 per share. Upon exchange, holders will receive par in cash and any additional amount in cash or shares at the issuer's option.

The issuer is a New York-based real estate investment trust.

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