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Five Mile begins tender offer for Prime Group's 9% series B preferreds
By Angela McDaniels
Tacoma, Wash., Dec. 1 - Five Mile Capital Partners LLC began a tender offer for Prime Group Realty Trust's outstanding 9% series B cumulative redeemable preferred shares of beneficial interest, according to a news release.
The price is $5.25 per preferred. No amount will be paid for accumulated dividends.
The price is a 38% premium over the closing trading price of the preferreds on the last trading day before plans for the offer were announced on Oct. 10.
The offer will expire at 6 p.m. ET on Jan. 9.
The offer does not have a financing condition, and it is not conditioned on any minimum number of preferreds being tendered.
Five Mile will acquire all preferreds tendered, subject to its ability to limit participation in the offer such that Prime Group will maintain its status as a real estate investment trust following the completion of the offer.
Prime Group's board of trustees has approved the offer.
As previously reported, Five Mile is required to tender for the preferreds under a stock purchase agreement between the companies.
Five Mile purchased 6.25 million common shares from Prime Group for $625,000 plus the reimbursement of transaction expenses. The shares represent all of Prime Group's common stock.
The information agent is NY Mellon Shareowner Services (866 433-3847 or 201 680-6579).
Prime Group is a Chicago-based real estate investment trust that owns, manages, leases, develops and redevelops office and industrial real estate in metropolitan Chicago.
Five Mile Capital Partners is a commercial real estate and alternative investment firm based in Stamford, Conn.
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