BRE Properties buys back more than $291 million of notes in offer for 7.45%, 7.125% notes

By Angela McDaniels

Tacoma, Wash., April 2 - BRE Properties, Inc. said it received tenders for $201.46 million of its 7.45% senior notes due 2011 and for $89.98 million of its 7.125% senior notes due 2013 during a tender offer that expired at 5 p.m. ET on April 1.

All of the tendered notes were accepted for purchase, according to a company news release.

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

The repurchases will leave $48.55 million of the 7.45% notes and $40.02 million of the 7.125% notes outstanding.

The tender offer began on March 25.

Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) and RBS Securities Inc. (203 618-6145 or 877 297-9832) were the dealer managers, and Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) was 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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