Winthrop Realty Trust Announces Closing of $75.0 Million of Senior Notes
15 Agosto 2012 - 4:39PM
Winthrop Realty Trust (NYSE:FUR) ("Winthrop") today announced the
closing of its previously announced underwritten public offering of
$75.0 million of its 7.75% Senior Notes due 2022 (the "Notes") at
an issue price of 100% of par value. Winthrop received net
proceeds, after deducting the underwriting discounts and
commissions and estimated offering expenses, of approximately
$72.25 million, which were then loaned by Winthrop to its
wholly-owned operating partnership. The underwriters have an option
to purchase an additional $11.25 million principal amount of Notes
at any time on or prior to September 7, 2012.
The loan from Winthrop to its operating partnership is evidenced
by a $75.0 million promissory note which has the same interest
payment terms and maturity date as the Notes. 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.
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. The Notes have been approved for
listing on the New York Stock Exchange under the symbol "WRT" and
Winthrop expects trading of the Notes on the New York Stock
Exchange to begin within the next few days.
Barclays Capital Inc., Stifel, Nicolaus & Company,
Incorporated and Jefferies & Company, Inc. acted as joint
book-running managers for the offering. Credit Suisse
Securities (USA) LLC acted as lead manager for the offering and
KeyBanc Capital Markets and MLV & Co. LLC acted as co-managers
for the offering.
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: Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
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