First Potomac Realty retires $20.1 million 4% exchangeables during Q2

By Angela McDaniels

Tacoma, Wash., July 29 - First Potomac Realty Trust said it retired $20.1 million of the 4% exchangeable senior notes due 2011 issued by its operating partnership, First Potomac Realty Investment LP, at a discount during the second quarter, resulting in a gain of $200,000.

The company issued 880,648 common shares in exchange for $13.03 million of the exchangeables on June 7, according to its earnings release for the second quarter.

On June 11, the company retired $7.02 million of the exchangeables with the proceeds from a draw on its unsecured revolving credit facility.

As of June 30, $29,656,000 principal amount of the exchangeables remained outstanding.

First Potomac is a Bethesda, Md.-based real estate investment trust that focuses on industrial properties and business parks in the Washington, D.C., metropolitan area.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.