Winthrop issues 544,000 series C convertible preferreds in offer

By Susanna Moon

Chicago, Nov. 2 - Winthrop Realty Trust issued to holders of its series B-1 cumulative convertible redeemable preferred stock a total of 544,000 series C preferreds in its exchange offer, according to an 8-K filing with the Securities and Exchange Commission.

As a result, the company retired a total of 544,000 series B-1 preferreds.

The series C preferreds will have cumulative dividends at a minimum rate of 6.5% and will be convertible into common stock at a conversion price of $14.00, or 1.786 common shares per preferred.

Following the completion of the exchange, Winthrop has 852,000 series B-1 preferreds outstanding, which have a conversion price of $22.50 and a conversion ratio of 1.111 common shares for each series B-1 preferred, and 544,000 series C preferreds.

The exchange offer began Oct. 14 and ended Oct. 28.

Winthrop Realty Trust is a Boston-based real estate investment trust.

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