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BRT Realty redeems $5 million of junior subordinated notes due 2036
By Devika Patel
Knoxville, Tenn., March 16 - BRT Realty Trust said it redeemed $5 million of its $42.4 million junior subordinated notes due April 30, 2036 at par.
The company also said it revised the interest schedule of the notes. The interest rate was reduced to 3% from 3.5% for the period between March 15, 2011 and July 31, 2012; it was reduced to 4.9% from 8.37% between Aug. 1, 2012 and April 29, 2016. Interest also was reduced to Libor plus 200 basis points from Libor plus 295 bps for the period between April 30, 2016 and April 30, 2036.
BRT said it will continue to pay interest annually in advance between March 15, 2011 and July 31, 2012.
BRT is a mortgage-oriented real estate investment trust based in Great Neck, N.Y.
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