Gramercy Capital issues new notes in exchange for $150 million trust preferreds

By Angela McDaniels

Tacoma, Wash., Feb. 5 - Gramercy Capital Corp. said it exchanged $150 million of its trust preferred securities for $150 million of new fixed-rate unsecured junior subordinated notes due June 30, 2035 issued by its operating partnership subsidiary.

The new notes bear interest at 0.5% per year through Jan. 29, 2012 and then at 7.5% per year through maturity, according to a company news release.

The exchange closed on Jan. 30.

Gramercy is an integrated commercial real estate finance and property investment company based in New York.

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