By Sheri Kasprzak
New York, April 17 - American Real Estate Partners, LP closed another private placement of variable-rate senior convertible notes for $300 million, bringing to $500 million the total notes sold in the placement.
The notes due 2013 were issued to Portside Growth and Opportunity Fund; an investment fund managed by Ramius Capital Group, LLC; and an investment fund managed by Highbridge Capital Management, LLC.
The notes bear interest at Libor minus 125 basis points with a 4% floor and a 5.5% ceiling.
The notes are convertible into depositary units at $132.595 each.
On April 5, the company sold $200 million in principal of the notes.
Based in New York, American Real Estate Partners is a holding company for real estate, gaming and home fashions industries.
| Issuer: | American Real Estate Partners, LP
|
| Issue: | Variable-rate senior convertible notes
|
| Amount: | $300 million
|
| Maturity: | 2013
|
| Coupon: | Libor minus 125 bps, 4% floor and 5.5% ceiling
|
| Conversion price: | Convertible into depositary units at $132.595 each
|
| Warrants: | No
|
| Investors: | Portside Growth and Opportunity Fund; an investment fund managed by Ramius Capital, LLC; an investment fund managed by Highbridge Capital Management, LLC
|
| Settlement date: | April 17
|
| Stock symbol: | NYSE: ACP
|
| Stock price: | $105.99 at close April 16
|
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