Lexington adjusts exchange rate on 5.45% exchangeables, preferreds

By Devika Patel

Knoxville, Tenn., July 30 - Lexington Realty Trust said it lifted the exchange rate on its 5.45% exchangeable guaranteed notes due 2027.

Noteholders will be able to receive 49.6681 shares, raised from 47.7692 shares, for each $1,000 principal amount of notes if they elect to exercise their exchange rights. This equals an exchange price of $20.13 per common share, lowered from $20.93 per share.

The company also adjusted the conversion rate of its series C cumulative convertible preferred stock to 2.3589 common shares per preferred from 2.2726. The new conversion price is $22.00 per common share, compared with the previous conversion price of $21.20.

The adjustment took effect July 1 and is due to a quarterly common share dividend of $0.18 per share that was paid on Thursday to shareholders of record at the close of business on June 30.

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

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