Weingarten Realty completes tender offer for seven series of notes

By Jennifer Chiou

New York, June 10 - Weingarten Realty Investors said it wrapped its tender offer for seven series of non-convertible notes.

The offer - the first of two concurrent tenders - ended at 5 p.m. ET on June 9, previously extended from June 8.

In the first offer, the company offered to purchase any and all of its outstanding $200 million of 7% senior unsecured notes due July 15, 2011, $12 million of 7.07% medium-term notes due June 26, 2009, $20 million of 7.35% medium-term notes due July 20, 2009, $10 million of 7.4% medium-term notes due Dec. 21, 2010, $15 million of 7.44% medium-term notes due Aug. 19, 2011, $15 million of 7.5% medium-term notes due Dec. 19, 2010, and $10.5 million of 8.25% medium-term notes due Jan. 22, 2010.

The company said that holders tendered $82.33 million of the 7% notes, $10,000 of the 7.07% notes, none of the 7.35% notes, none of the 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.

Holders received par for each $1,000 principal amount of the notes.

The deadline for the second tender offer, which is for the company's $454,921,000 of 3.95% convertible senior unsecured notes due Aug. 1, 2026, is 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 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 depends on the amount of notes tendered in the first offer.

Based on the amount of tenders obtained above, Weingarten said that $247,055,000 is available to purchase a portion of its 3.95% convertibles.

At 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.

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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