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CA Acquisition accepts tenders for 97% of Capital Automotive's 6¾% notes
New York, Dec. 16 - Capital Automotive REIT said CA Acquisition Corp. completed its tender offer for Capital Automotive's $125 million of 6¾% monthly income notes due 2019, accepting $120.92 million or 97% of the notes.
The tender expired at 9 a.m. ET on Friday after being extended from 5 p.m. ET on Dec. 14 and before that from 5 p.m. ET on Dec. 2.
Capital Automotive also said that in January it plans to tender for its 7½% series A cumulative redeemable preferred shares and 8% series B cumulative redeemable preferred shares at a price of $25.00 per unit.
The tender for the 6¾% notes was announced on Nov. 3 as part of the acquisition of Capital Automotive REIT and its operating partnership by subsidiaries of Flag Fund V, LLC.
On Nov. 16, the company announced it increased the consent payment to $2.30 per $25.00 principal amount from $2.00, increasing the total on offer to $26.30 per $25.00 principal amount from $26.00.
The consent deadline had also previously been extended to 5 p.m. ET on Nov. 21 instead of 5 p.m. ET on Nov. 16.
On Nov. 22, the company said it would execute a supplemental indenture containing proposed amendments, including supplemental indenture amendments that will not be operative until CA Acquisition accepts validly tendered notes for payment.
The offer was subject to consents from holders of a majority of the notes.
Wachovia Securities is dealer manager and solicitation agent (704 715-8341 or 866 309-6316). The depositary and information agent is Global Bondholder Services Corp. (212 430-3774 or 866 873-5600).
Capital Automotive is a McLean, Va., specialty finance company for automotive retail real estate.
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