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UDR gets consents for 8½% notes, executes supplemental indenture
By Jennifer Chiou
New York, Aug. 21 - UDR, Inc. announced the receipt of the necessary consents for its 8½% debentures due Sept. 15, 2024.
The company added that it has executed a supplemental indenture after receiving consents from holders of $37,464,000, or 70.53%, of the notes.
The early tender deadline was 5 p.m. ET on Aug. 20, previously extended from Aug. 19. Early settlement was slated for Aug. 21.
The offer expiration is 11:59 p.m. ET on Sept. 3, already prolonged from Aug. 31.
The company had previously extended the early tender deadline to Aug. 19 from Aug. 17.
UDR had increased the early tender premium to $120 per $1,000 principal amount of notes tendered by the early tender deadline from $30.00.
The purchase price for the notes - not including the early tender premium, as applicable - is $980 per $1,000 principal amount of notes.
The offer for the $53,118,000 outstanding principal amount of notes began Aug. 4.
At 5 p.m. ET on Aug. 19, holders had tendered $17,949,000 principal amount, or 33.79%, of the notes.
Funding for the offer will come from borrowings under credit facilities.
UDR said it is soliciting consents to eliminate some restrictive covenants and events of default contained in the indenture governing the notes. Holders who tender their notes must deliver consents and vice versa.
The offer is conditioned on the receipt of tenders and consents from holders of at least a majority of the notes by the early tender deadline.
Wells Fargo Securities LLC (866 309-6316 or 704 715-8341) is the dealer manager. Global Bondholder Services Corp. (866 924-2200 or 212 430-3774) is the information agent.
UDR is a Denver-based real estate investment trust.
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