Equity Residential gets tenders for $48.5 million 3.85% exchangeables

By Jennifer Chiou

New York, Jan. 4 - Equity Residential's operating partnership, ERP Operating LP, announced that it accepted tenders for $48.5 million of its $531,092,000 of 3.85% exchangeable senior notes due 2026.

The company paid par for the exchangeables. Holders also received $700,000 of total accrued interest up to but excluding the settlement date.

The offer ended at midnight ET on Dec. 30. Settlement occurred on Dec. 31.

On Dec. 10, ERP repurchased $295,728,000 of notes in a separate tender offer. ERP repurchased $21.71 million of its $114,806,000 of 6.95% notes due 2011, $146,142,000 of its $400 million of 6.625% notes due 2012 and $127,876,000 of its $350 million of 5.5% notes due 2012.

Citigroup Global Markets Inc. (800 558-3745) was the dealer manager, and Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) was the information agent.

Equity Residential acquires, develops and manages apartment properties and is based in Chicago.

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