Newkirk Realty Trust, Inc. and Winthrop Realty Trust Price Collateralized Debt Obligation
28 Novembre 2006 - 2:00PM
PR Newswire (US)
BOSTON, Nov. 28 /PRNewswire-FirstCall/ -- Newkirk Realty Trust,
Inc. (NYSE:NKT) and Winthrop Realty Trust (NYSE:FUR) today
announced that Concord Debt Holdings LLC, a joint venture debt
platform owned 50% by each of them, priced a $465 million
commercial real estate collateralized debt obligation ("Concord
CDO"). The offering is expected to close on or about December 21,
2006. Fitch Ratings, Standard & Poor's and Moody's Investors
Service have assigned investment grade ratings to approximately
$377 million, or approximately 81%, of Concord CDO's securities,
with approximately $225 million, or 48.5%, rated AAA/AAA/Aaa.
Concord will initially retain all $88 million of the Concord CDO
securities rated below the BBB/BBB-/Baa3 level. Concord CDO expects
to provide for a five year reinvestment period during which Concord
can utilize the proceeds of loan repayments to finance new
investments and can be called after three years. WRP Management,
LLC, an affiliate of both Newkirk's and Winthrop's external
advisors, will be the collateral advisor for Concord CDO. The
weighted average interest rate on the $377 million of investment
grade securities to be sold is approximately LIBOR plus 50 basis
points, excluding fees and expenses. Approximately 83% of the
collateral had been identified at the time of pricing. The
securities being offered by Concord CDO have not been registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. About
Newkirk Realty Trust, Inc. Newkirk Realty Trust, Inc. is a
qualified real estate investment trust or REIT. Through its
subsidiaries and joint ventures, Newkirk acquires, owns, and
manages a portfolio of single tenant office, retail, and industrial
properties. Newkirk's executive offices are located in Jericho, New
York and Boston, Massachusetts. Please visit Newkirk's web site at
http://www.newkirkreit.com/ for additional information relating to
its properties and tenants. About Winthrop Realty Trust Winthrop
Realty Trust is a NYSE-listed real estate investment trust (REIT)
headquartered in Boston, Massachusetts. Through its subsidiaries
and joint ventures, Winthrop acquires, owns, and manages a
portfolio of office, retail, and industrial properties. Additional
information relating to Winthrop and its assets is available at
Winthrop's web site http://www.winthropreit.com/ . DATASOURCE:
Concord Debt Holdings LLC CONTACT: Carolyn Tiffany, Chief Operating
Officer of Concord Debt Holdings LLC, +1-617-570-4600 Web site:
http://www.winthropreit.com/ Web site: http://www.newkirkreit.com/
Copyright
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Ott 2023 a Ott 2024
Notizie in Tempo Reale relative a Winthrop Realty Trust New (delisted) (Borsa di New York (NYSE)): 0 articoli recenti
Più Winthrop Realty Tr Articoli Notizie