Prime Property Fund extends early tender date for $200 million notes

By Susanna Moon

Chicago, Aug. 13 - Morgan Stanley said that PPF Funding, Inc., a wholly owned subsidiary of Prime Property Fund, LLC, extended the early tender date on its offer to purchase for cash up to $200 million principal amount of four series of notes.

Holders may now tender their notes by midnight ET on Aug. 26, the expiration date, to receive the total payment. The deadline was previously 5 p.m. ET on Aug. 12.

The offer began on July 30.

The company will pay the following total amount per $1,000 principal amount that includes a $30.00 premium:

• $1,020 for the $200 million of 5.6% notes due 2011;

• $1,030 for the $200 million of 5.35% notes due 2012;

• $910 for the $200 million of 5.625% notes due 2017; and

• $910 for the $300 million of 5.7% notes due 2017.

Holders also will receive accrued interest to the payment date.

The maximum amount of the 5.6% notes and the 5.35% notes - both first-priority acceptance level notes - to be accepted for purchase is $100 million. The 5.625% notes and 5.7% notes are second-priority level notes.

The tender offer will expire at midnight ET on Aug. 26.

Tendered notes may not be withdrawn after 5 p.m. ET on Aug. 12.

J.P. Morgan Securities Inc. (866 834-4666 or collect 212 834-3424) is the dealer manager for the tender offer. Global Bondholder Services Corp. (866 488-1500 or banks and brokers 212 430-3774) is the information agent and depositary.

PPF is managed by Morgan Stanley Real Estate Investing. Morgan Stanley is a New York-based financial services firm.

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