CLEVELAND, May 5, 2011 /PRNewswire/ -- Forest City
Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that it has
entered into separate, privately negotiated exchange agreements
whereby it will exchange $40.0
million aggregate principal amount of its 5.00% Convertible
Senior Notes due 2016 (the "Notes") for a total of approximately
3,444,296 shares of its Class A common stock, including 568,720
shares as inducement, plus a cash payment in lieu of fractional
shares and for accrued and unpaid interest.
(Logo:
http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO )
The exchange transactions reflect the company's continuing focus
on reducing overall leverage and improving its balance sheet.
After the exchanges, $50.0
million of the Notes remain outstanding.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real
estate company with $11.8 billion in
total assets. The Company is principally engaged in the ownership,
development, management and acquisition of commercial and
residential real estate and land throughout the United States. For more information, visit
http://www.forestcity.net.
SOURCE Forest City Enterprises, Inc.