SL Green again tweaks exchange rate for 3% notes due to dividend

By Susanna Moon

Chicago, Oct. 2 – SL Green Operating Partnership, LP adjusted the exchange rate for its 3% exchangeable senior notes due Oct. 16, 2017 after declaring a dividend.

The exchange rate was adjusted to 12.8972 shares of common stock per $1,000 principal amount of notes, effective Sept. 29, the ex-dividend date, according to an 8-K filing with the Securities and Exchange Commission.

The company noted on Sept. 14 that the notes were exchangeable until the close of business on Oct. 12 and that it had declared a dividend on its common stock, which resulted in an adjustment to the exchange rate to 12.8093 common shares per $1,000 of notes, or a conversion price of $78.07.

SL Green Realty’s stock (NYSE: SLG) closed at $96.12 on Sept. 13.

The notes are guaranteed by Reckson Operating Partnership, LP.

The notes were also convertible for the quarter ended June 30.

SL Green is a real estate investment trust based in New York.

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