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AMB Property holders tender $168.9 million of notes in offer
By Angela McDaniels
Tacoma, Wash., Dec. 16 - AMB Property Corp. said its operating partnership, AMB Property, LP, received tenders for $168.9 million principal amount of notes 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.
Holders tendered roughly $88 million of 6.3% notes, $74.9 million of 5.9% notes and $6.9 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 and $1,062.50 for the 7% notes. It would have paid $1,065.00 for the 6.75% notes.
AMB also will pay accrued interest up to but excluding the payment date, which was expected to be on Wednesday.
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. It later amended the offer so that all holders who tendered would receive the premium, regardless of whether it was before or after the early tender date.
The company offered to purchase up to $250 million principal amount of the notes. The 6.3% and 5.9% notes had a priority level of one, and the other two series had a priority level of two.
The tender offer expired 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) were the dealer managers.
Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) was the information agent and depositary.
AMB Property is a San Francisco-based owner, operator and developer of industrial real estate.
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