Lexington Realty lifts exchange rate on 5.45% exchangeables due 2027

By Devika Patel

Knoxville, Tenn., April 24 - Lexington Realty Trust said it lifted the exchange rate on its 5.45% exchangeable guaranteed notes due 2027.

Noteholders will be able to receive 47.7692 shares, raised from 45.4682 shares, for each $1,000 principal amount of notes, if they elect to exercise their exchange rights. This equals an exchange price of $20.93 per common share, lowered from $21.99 per share.

The adjustment takes effect March 27 and is due to a quarterly common share dividend of $0.18 per share that was paid on April 24 to shareholders of record at the close of business on March 26.

Lexington Realty is a New York-based real estate investment trust.

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