BRE Properties tenders for 7.45%, 7.125% notes

By Susanna Moon

Chicago, March 25 - BRE Properties, Inc. said it began a cash tender offer for its 7.45% senior notes due 2011 and its 7.125% senior notes due 2013.

The company said it will pay par for the 7.45% notes and $980 per $1,000 principal amount of the 7.125% notes. BRE also will pay accrued interest to the payment date, which is expected to be April 6.

There is $250 million principal amount of the 7.45% notes and $130 million principal amount of the 7.125% notes outstanding.

The tender offer will expire at 5 p.m. ET on April 1.

Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) and RBS Greenwich Capital (203 618-6145 or 877 297-9832) are the dealer managers, and Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) is the information agent and depositary.

BRE Properties is a San Francisco-based real estate investment trust that owns and manages apartment communities.

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