SL Green plans to price $300 million seven-year convertible senior notes to yield 3%, up 30%

By Rebecca Melvin

New York, Oct. 5 - SL Green Operating Partnership LP, an operating partnership of SL Green Realty Corp., planned to sell $300 million of seven-year exchangeable senior notes ahead of the market open on Wednesday that were talked to yield 3% with an initial conversion premium of 30%, according to a syndicate source.

The notes will be issued by SL Green's operating partnership and exchangeable into the listed company's common stock.

Citigroup Global Markets Inc. is the bookrunner of the Rule 144A offering, which has a $45 million greenshoe.

The exchangeables are non-callable with no puts. There is no contingent conversion.

Proceeds are earmarked for general corporate purposes.

SL Green is a New York-based real estate investment trust that focuses on Manhattan commercial properties.

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