Green Courte affiliate tenders for any and all of American Land Lease's 7¾% series A preferreds

By Jennifer Chiou

New York, Sept. 11 - Green Courte Partners, LLC announced that one of its affiliates has launched a tender offer for any and all of the 7¾% series A cumulative redeemable preferred stock of American Land Lease, Inc. not owned by it.

The affiliate will pay a price of $8.4688 per share in cash without interest.

On May 26, American Land Lease said its board of directors decided not to pay a quarterly cash dividend on the preferreds for May. As already noted, the board's decision was based on the company's current capital resources and liquidity needs and the overall negative state of the economy and capital markets.

The offer ends at 5 p.m. ET on Oct. 8.

The company added that a holder whose shares are validly tendered will not have a right to receive previously accrued dividends, which equaled $0.96875 per share at Aug. 31.

The payout in the tender represents a premium of roughly 35.5% to $6.25, which is the last sale price on Sept. 9.

There is no minimum condition in the offer.

Wells Fargo Bank, NA is the depositary. Innisfree M&A Inc. is the information agent (888 750-5834 or call collect 212 750-5833).

Green Courte Partners is a Chicago-based private equity real estate investment firm.

American Land Lease is a Clearwater, Fla., real estate investment trust.

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