Winthrop Realty Trust Announces Pricing of $75.0 Million of Senior Notes
08 Agosto 2012 - 2:35PM
Winthrop Realty Trust (NYSE:FUR) ("Winthrop") today announced the
pricing of $75.0 million principal amount of 7.75% Senior Notes due
2022 (the "Notes") at an issue price of 100% of par value. The
offering is expected to close on August 15, 2012, subject to
certain closing conditions. Winthrop has applied to list the Notes
on the New York Stock Exchange under the symbol "WRT" and, if the
application is approved, expects trading of the Notes on the New
York Stock Exchange to begin within 30 days after the Notes are
first issued.
Interest on the Notes will be payable quarterly in arrears on
February 15, May 15, August 15 and November 15 of each year,
commencing on November 15, 2012, at a rate of 7.75% per year and
the Notes will mature on August 15, 2022, unless earlier
repurchased or redeemed. In connection with this offering, the
underwriters will be granted a 30-day option to purchase an
additional $11.25 million principal amount of Notes to cover
over-allotments, if any.
Winthrop estimates that the net proceeds from the offering,
after deducting the underwriting discounts and commissions and
estimated offering expenses payable by Winthrop, will be
approximately $72.25 million, or approximately $83.16 million if
the underwriters' overallotment option is exercised in
full. In exchange for a promissory note which will have the
same principal amount, interest payment terms and maturity date as
the Notes, Winthrop will loan the net proceeds of this offering to
its operating partnership. The operating partnership will use
the net proceeds to fund future acquisitions and/or for general
working capital purposes, including funding capital expenditures,
tenant improvements and leasing commissions. The Notes will be
secured by a first priority security interest in the promissory
note. To the extent the over-allotment option is exercised,
Winthrop will contribute the net proceeds to the operating
partnership in exchange for one or more promissory notes with an
aggregate face value equal to the aggregate principal amount of
over-allotment Notes issued. The Notes will also be secured by
a first priority security interest in any such additional
promissory notes.
Barclays Capital Inc., Stifel, Nicolaus & Company,
Incorporated and Jefferies & Company, Inc. are acting as joint
book-running managers for the offering. Credit Suisse
Securities (USA) LLC is acting as lead manager for the offering and
KeyBanc Capital Markets and MLV & Co. LLC are acting as
co-managers for the offering.
The offering is being made pursuant to Winthrop's effective
shelf registration statement previously filed with the Securities
and Exchange Commission. The Notes offering will be made only
by means of the prospectus included in such shelf registration
statement, a related prospectus supplement and a related free
writing prospectus, which contains, among other things, the pricing
terms related to the Notes. Copies of these documents
may be obtained from Barclays Capital Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717, by email at Barclaysprospectus@broadridge.com or by
telephone at (888) 603-5847; from Stifel, Nicolaus & Company,
Incorporated, One South Street, 15th Floor, Baltimore, MD 21202,
Attention: Syndicate Department or by telephone at (443) 224‐1988;
or from Jefferies & Company, Inc., Attn: Debt Capital Markets,
520 Madison Avenue, 8th Floor, New York, NY, 10022 or by telephone
at (201) 761-7610 or by email at
Prospectus_Department@Jefferies.com.
Electronic copies of the prospectus, prospectus supplement and
the related free writing prospectus are available on the website of
the Securities and Exchange Commission at http://www.sec.gov.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes in any state in which the offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of that state.
Winthrop Realty Trust is a NYSE-listed real estate investment
trust (REIT) headquartered in Boston,
Massachusetts. Additional information on Winthrop Realty Trust
is available on its Web site at www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described. These risks and uncertainties are
detailed from time to time in the "Risk Factors" section of the
Company's SEC reports. Further information relating to the
Company's financial position, results of operations, and investor
information is contained in the Company's annual and quarterly
reports filed with the SEC and available for download at its
website www.winthropreit.com or at the SEC website www.sec.gov.
CONTACT: Winthrop Realty Trust
Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
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