Lexington Realty announces early tender results for 2023, 2024 notes

By Taylor Fox

New York, Aug. 28 – Lexington Realty Trust announced the early tender results for its cash tender offers to purchase up to $300 million combined principal amount of its outstanding 4.25% senior notes due 2023 (Cusip: 529043AC5) and 4.4% senior notes due 2024 (Cusip: 529043AD3), according to a news release

The company has also elected to make payment for the notes on Aug. 31, the second business day following the early tender time of Aug. 27.

The principal amount of the 2023 notes validly tendered and not validly withdrawn was $61,089,000, all of which was accepted, and the principal amount of the 2024 notes validly tendered and not validly withdrawn was $50,918,000, all of which was accepted.

The notes were accepted according to priority level, with the 2023 notes having priority in acceptance over the 2024 notes.

The total consideration to be paid per $1,000 principal amount is $1,071.25 for the 2023 notes and $1,093.75 for the 2024 notes, plus interest. The amounts include a $30 early tender premium for notes tendered by the early tender deadline.

The tender offers will expire at 11:59 p.m. ET on Sept. 11.

Holders of notes validly tendered after the early tender time and at or prior to the expiration time and are accepted for purchase will be paid the tender offer consideration of $1,041.25 per $1,000 principal amount of 2023 notes and $1,063.75 per $1,000 of 2024 notes, plus interest from the last interest payment date to, but not including, the final settlement date.

Settlement for notes validly tendered after the early tender time, but at or prior to the expiration time, and accepted for purchase is expected to occur on Sept. 15.

Wells Fargo Securities, LLC (866 309-6316, 704 410-4759 or liabilitymanagement@wellsfargo.com) is the dealer manager for the tender offers.

D.F. King & Co., Inc. (800 591-6309, 212 269-5550 for banks and brokers or lxp@dfking.com) is the tender and information agent.

The single-tenant industrial real estate investment trust is based in New York.

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