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Sizeler Property starts exchange for existing convertibles, offers new securities
New York, March 28 - Sizeler Property Investors, Inc. announced an exchange offer for its $61.9 million outstanding 8% convertible subordinated debentures due July 15, 2003 and also began a sale of new securities.
The New Orleans, La. real estate investment trust is offering holders of the current convertibles either new 9% convertible subordinated debentures due July 15, 2009 or 9.75% series B cumulative redeemable preferred stock with a liquidation preference of $25 per share or a combination of the two securities. However it will not issue more than $40.34 million of the new convertibles.
The new convertible debentures will have a conversion price of $11.00 per share, lower than the $13.00 per share of the existing convertibles.
Holders will receive the same principal amount (or liquidation preference) in the exchange as the principal amount of securities they currently hold.
Sizeler said it is carrying out the exchange to refinance the old convertibles.
The exchange expires at 5.00 p.m. ET on April 26, 2002.
In addition to the exchange, Sizeler is also offering the new convertible debentures and series B preferred stock for cash. It will only sell new securities for cash to the extent that holders of the existing convertibles do not participate in the exchange; the total principal amount of the new convertibles and preferreds will not exceed $61.9 million, with priority given to existing convertible holders to take the new securities.
Exchange agent for the offer is J.P. Morgan Trust Co., NA and Georgeson Shareholder Communications Inc. is information agent. Cohen & Steers Capital Advisors, LLC is acting as financial advisor to the company on the exchange and placement agent in the cash offer.
In addition to the exchange offer, Sizeler is also selling for cash
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