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Weingarten Realty extends tender offer for seven series of notes
By Angela McDaniels
Tacoma, Wash., June 9 - Weingarten Realty Investors said it extended the expiration date for its tender offer for seven series of non-convertible notes to 5 p.m. ET on June 9 from June 8.
The deadline for the tender offer for the company's $454,921,000 3.95% convertible senior unsecured notes due Aug. 1, 2026 remains midnight ET on June 26.
The company began the two cash tender offers for up to $350 million principal amount of the eight series of notes on June 1.
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 7.44% medium-term notes due Aug. 19, 2011, $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.
In the second offer, Weingarten will purchase some of the 3.95% convertibles at $950 per each $1,000 principal amount. The amount of convertibles accepted in the second offer will depend on the amount of notes tendered in the first offer.
As of 5 p.m. ET on June 8, holders had tendered $102,945,000 of the non-convertible notes, including $82.33 million of the 7% notes, $10,000 of the 7.07% notes, none of the 7.35% or 7.4% notes, $5,035,000 of the 7.44% notes, $14.07 million of the 7.5% notes and $1.5 million of the 8.25% notes.
If no additional notes were tendered, Weingarten would have $247,055,000 left over to spend on the tender offer for the convertibles.
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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