Post Terminates Remarketing Agreement Related to Its $100 Million of MandatOry Par Put Remarketed Securities (MOPPRS)
28 Dicembre 2004 - 11:01PM
PR Newswire (US)
Post Terminates Remarketing Agreement Related to Its $100 Million
of MandatOry Par Put Remarketed Securities (MOPPRS) ATLANTA, Dec.
28 /PRNewswire-FirstCall/ -- Post Properties, Inc. (NYSE:PPS)
announced today that it has terminated the remarketing agreement
related to its $100 million of 6.85% MandatOry Par Put Remarketed
Securities ("MOPPRS") due March 16, 2015. In connection with the
termination of the remarketing agreement, Post will pay Merrill
Lynch a total of $10.6 million. This will result in a charge, equal
to approximately $0.25 per diluted share, which will be recorded in
the fourth quarter of 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO ) The MOPPRS
were originally issued by the Company in 1998. Under the terms of
the remarketing agreement Merrill Lynch had the right to remarket
the underlying unsecured bonds on the March 16, 2005 remarketing
date for a ten-year term and at an interest rate to Post calculated
as 5.715% plus Post's then current credit spread to the ten-year
Treasury. In addition to terminating the remarketing agreement,
Post expects to pay off the $100 million of unsecured bonds at par
on March 16, 2005. Said Christopher Papa, Post's Executive Vice
President and Chief Financial Officer, "Based on current interest
rates, the forward Treasury yield curve and our capital plans for
2005, we have concluded that it is not in the best interest of the
Company to permit the MOPPRS debt to be remarketed for an
additional ten-year term at a substantially above-market interest
rate. Having made that decision, we elected to proceed to terminate
the remarketing agreement in the fourth quarter of 2004." Certain
statements made in this press release and other written or oral
statements made by or on behalf of the Company, may constitute
"forward- looking statements" within the meaning of the federal
securities laws. Statements regarding future events and
developments and the Company's future performance, as well as
management's expectations, beliefs, plans, estimates or projections
relating to the future, are forward-looking statements within the
meaning of these laws. All forward-looking statements are subject
to certain risks and uncertainties that could cause actual events
to differ materially from those projected. Management believes that
these forward- looking statements are reasonable; however, you
should not place undue reliance on such statements. These
statements are based on current expectations and speak only as of
the date of such statements. The Company undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of future events, new information or otherwise. The
following are some of the factors that could cause the Company's
actual results to differ materially from the expected results
described in the Company's forward-looking statements: future local
and national economic conditions, including changes in job growth,
interest rates, the availability of financing and other factors;
demand for apartments in the Company's markets and the effect on
occupancy and rental rates; the impact of competition on the
Company's business, including competition for tenants and
development locations; the Company's ability to obtain financing or
self-fund the development or acquisition of additional apartment
communities; the uncertainties associated with the Company's
current and planned future real estate development, including
actual costs exceeding the Company's budgets or development periods
exceeding expectations; uncertainties associated with the timing
and amount of asset sales and the resulting gains/losses associated
with such asset sales; conditions affecting ownership of
residential real estate and general conditions in the multi-family
residential real estate market; the effects of changes in
accounting policies and other regulatory matters detailed in the
Company's filings with the Securities and Exchange Commission and
uncertainties of litigation; and the Company's ability to continue
to qualify as a real estate investment trust under the Internal
Revenue Code. Other important risk factors regarding the Company
are included under the caption "Risk Factors" in the Company's
current report on Form 8-K dated October 6, 2004 and may be
discussed in subsequent filings with the SEC. The risk factors
discussed in such Form 8-K under the caption "Risk Factors" are
specifically incorporated by reference into this press release.
Post Properties, founded more than 30 years ago, is one of the
largest developers and operators of upscale multifamily communities
in the United States. The Company's mission is delivering superior
satisfaction and value to its residents, associates, and investors.
Operating as a real estate investment trust (REIT), the Company
focuses on developing and managing Post(R) branded multifamily
communities with a vision of being the first choice in quality
multifamily living. Post Properties is headquartered in Atlanta,
Georgia, and has operations in 10 markets across the country.
Nationwide, Post Properties owns approximately 24,905 apartment
homes in 66 communities, including 666 apartment homes held in
three unconsolidated joint ventures and 205 apartment homes in one
community under development. Post is also developing 145 for-sale
condominium homes through its taxable REIT subsidiary.
http://www.newscom.com/cgi-bin/prnh/20040514/POSTPLOGO
http://photoarchive.ap.org/ DATASOURCE: Post Properties, Inc.
CONTACT: Janie Maddox of Post Properties, Inc., +1-404-846-5056 Web
site: http://www.postproperties.com/
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