COPT Repurchases $162.5M of 3.5% Exchangeable Senior Notes Due 2026
Corporate Office Properties Trust (NYSE: OFC) announced that on September 16, 2011, its operating partnership, Corporate Office Properties, L.P., completed its offer to repurchase up to $162.5 million aggregate principal amount of the 3.50% Exchangeable Senior Notes due 2026 of the Operating Partnership. One hundred percent of the holders surrendered their Notes for purchase by the Operating Partnership pursuant to their option under the Indenture governing the Notes, dated as of September 18, 2006.
The Put Option entitled each holder of the Notes to require the Operating Partnership to purchase all or any part of such holder's Notes at a purchase price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest thereon up to, but not including, the date of repurchase.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.