Weingarten Realty tenders for up to $350 million of eight notes series

By Susanna Moon

Chicago, June 1 - Weingarten Realty Investors said it began two cash tender offers for up to $350 million principal amount of eight series of notes.

In the first offer, the company will purchase any and all of its outstanding $200 million 7% senior unsecured notes due July 15, 2011, $12 million 7.07% medium-term notes due June 26, 2009, $20 million 7.35% medium-term notes due July 20, 2009, $10 million 7.4% medium-term notes due Dec. 21, 2010, $15 million 7.5% medium-term notes due Dec. 19, 2010 and $10.5 million 8.25% medium-term notes due Jan. 22, 2010. Holders will receive par for each $1,000 principal amount of the notes.

The offer will expire at 5 p.m. ET on June 8. The payment date for the seven series of notes is expected to be June 9.

Weingarten also will purchase some of its $454,921,000 3.95% convertible senior unsecured notes due Aug. 1, 2026 at $950 per each $1,000 note. The amount of convertibles accepted in the second offer will depend on the amount of notes tendered in the first offer.

The second offer will end at midnight ET on June 26.

J.P. Morgan Securities Inc. (866 834-4666 or collect 212 834-3424) is the dealer manager.

Global Bondholder Services Corp. (866 470-4200 or collect 212 430-3774) is the information agent.

Weingarten is a Houston-based real estate investment trust.

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