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AMB amends tender offer to extend early premium to all who tender
By Angela McDaniels
Tacoma, Wash., Dec. 2 - AMB Property Corp. announced that its operating partnership, AMB Property, LP, amended the purchase price in the tender offer for its $290,335,000 of 6.3% notes due 2013, $166.48 million of 5.9% notes due 2013, $50 million of 7% notes due 2011 and $25 million of 6.75% notes due 2011.
When the offer began on Nov. 17, the company was offering an early tender premium of $30.00 for each note tendered by 5 p.m. ET on Dec. 1, the early tender date. Now, all holders who tender will receive the premium, regardless of whether it was before or after the early tender date.
The company is offering to purchase up to $250 million principal amount of the notes.
Holders had tendered $168.9 million of notes as of 5 p.m. ET on Dec. 1, including approximately $88.0 million of 6.3% notes, approximately $74.9 million of 5.9% notes and approximately $6.0 million of 7% notes.
For each $1,000 principal amount, AMB will pay $1,050.00 for the 6.3% notes, $1,038.75 for the 5.9% notes, $1,062.50 for the 7% notes and $1,065.00 for the 6.75% notes.
AMB also will pay accrued interest up to but excluding the payment date.
The amount of each series of notes that will be purchased in the offer will be based on the maximum tender cap and the order of priority for the notes. The 6.3% and 5.9% notes have a priority level of one, and the other two series have a priority level of two.
The tender offer will expire at midnight ET on Dec. 15.
J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424), Bank of America Merrill Lynch (888 292-0070 or collect 980 388-4603) and Morgan Stanley & Co. Inc. (866 718-1649) are the dealer managers.
Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the information agent and depositary for the tender offer.
AMB Property is a San Francisco-based owner, operator and developer of industrial real estate.
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