Lexington Realty lifts rates on exchangeables and convertibles

By Marisa Wong

Milwaukee, Oct. 16 – Lexington Realty Trust announced that it raised the exchange rate of its 5.45% exchangeable guaranteed notes due 2027 and the conversion rate of its series C cumulative convertible preferred stock. The increases, effective Sept. 26, were results of a quarterly common share dividend paid on Oct. 16, according to a press release.

The 5.45% notes’ exchange rate was increased to 51.3167 common shares per $1,000 principal amount from 49.6681 shares per $1,000. The adjusted rate is equivalent to an exchange price of $19.49 per common share, lowered from $20.13 per share.

The conversion rate on the trust’s series C preferred shares was increased to 2.4339 common shares per preferred share from 2.3589 common shares per preferred. The adjusted rate is equivalent to a conversion price of $20.54, cut from $21.20 per share.

Lexington Realty is a New York-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.