SL Green Operating 3% notes due 2017 exchangeable through March 31

By Jennifer Chiou

New York, Jan. 6 – SL Green Realty Corp. announced that the 3% exchangeable senior notes due 2017 issued by SL Green Operating Partnership, LP are exchangeable through March 31, according to an 8-K filing with the Securities and Exchange Commission.

The notes, which are guaranteed by Reckson Operating Partnership, LP, are exchangeable because SL Green Realty’s common stock closed at or above 130% of the exchange price for at least 20 trading days in the period of 30 consecutive trading days ended Dec. 31.

In addition, the company declared a dividend on its common stock that requires an adjustment to the exchange rate for the notes. Effective as of Dec. 30, the exchange rate is 12.1163 shares of common stock per $1,000 principal amount of notes.

SL Green is a New York-based real estate investment trust specializing in Manhattan office properties. Its stock (NYSE: SLG) closed at $122.92 on Tuesday.

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