Equity Office receives consents in note tenders

By Jennifer Lanning Drey

Portland, Ore., Jan. 18 - EOP Operating LP has received all the consents needed as part of its consent solicitation and cash tender offers, according to an Equity Office Properties Trust news release.

The company announced Thursday that it had received the final consents, which came from holders of its unsecured debt securities issued under its 1997 indenture and 2000 indenture.

According to the news release, EOP received consents and tendered notes from holders of 96.9% of the aggregate principal amount of notes issued under its 1997 indenture and consents.

In addition, the company received consents and tenders from holders of 96.8% of the aggregate principal amount of notes issued under EOP's 2000 indenture, according to the release.

EOP has already received the consents sought from holders of each series of notes under the 1995 indenture, as well as for its 4% exchangeable senior notes due 2026, which were part of a separate consent solicitation.

The consent payment deadlines for the offers and solicitations for all of the notes have expired and withdrawal rights have been terminated.

Noteholders who have not already tendered their notes may do so on or before 8 a.m. ET on Feb. 8, but those holders will only be eligible to receive the tender offer consideration, equal to the total consideration less the consent payment.

Holders whose notes are accepted for payment in the tender offers will receive accrued and unpaid interest from the last interest payment date up to but excluding the payment date.

Goldman, Sachs & Co. and Merrill Lynch, Pierce Fenner & Smith Inc. are the lead deal managers and solicitation agents for the tender offers and consent solicitations.

The solicitation had previously been the subject of a dispute with noteholders but the investors agreed to participate after the company sweetened the terms.

The offer is being conducted in connection with the company's previously announced merger agreement with affiliates of the Blackstone Group.

Chicago-based Equity Office owns and manages commercial properties.

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