SL Green holders may convert 3% exchangeables through September

By Susanna Moon

Chicago, July 2 – SL Green Operating Partnership, LP holders may convert their 3% exchangeable senior notes due 2017 for the quarter ending Sept. 30, according to an 8-K filing with the Securities and Exchange Commission.

The notes are exchangeable because SL Green Realty Corp.’s common stock closed at or above 130% of the exchange price for at least 20 out of 30 consecutive trading days ended June 30.

In addition, the company said it declared a dividend on its common stock that requires an adjustment to the exchange rate.

The exchange rate is 12.2163 shares of common stock per $1,000 principal amount of notes, as of June 26.

The company’s stock (NYSE: SLG) closed at $111.96 on July 1.

The notes are guaranteed by Reckson Operating Partnership, LP.

SL Green is a real estate investment trust based in New York.

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