CommonWealth REIT (“CommonWealth”) CWH today announced that, pursuant
to its previously announced tender offer to purchase for cash up to
$665,000,000 (the “Maximum Tender Amount”) aggregate principal amount of the
Senior Notes (as defined below) (the “Offer”), a total of $670,295,000
principal amount of Senior Notes were validly tendered at or prior to the
expiration date of midnight, New York City time, at the end of March 22, 2013
(such time and date, the “Expiration Date”), according to the information
provided by Global Bondholder Services Corporation, the tender agent for the
Offer.
The Offer was made upon the terms and subject to the conditions set forth in
an offer to purchase and related letter of transmittal, dated February 25,
2013, as amended by a press release dated March 1, 2013 and a press release
dated March 11, 2013 (together, the “Offer Documents”), to purchase up to the
Maximum Tender Amount of the 5.75% Senior Notes due February 15, 2014, 6.40%
Senior Notes due February 15, 2015, 5.75% Senior Notes due November 1, 2015
and 6.25% Senior Notes due August 15, 2016, all listed below (the “Senior
Notes”).
Principal Percentage
CUSIP Title of Amount Principal Tendered of
Issuer(1) Numbers Security Outstanding Amount Principal
(US$) Tendered Amount
Outstanding
5.75%
HRPT Senior
Properties 40426WAQ4 Notes due $244,655,000 $145,612,000 59.52%
Trust February
15, 2014
6.40%
HRPT Senior
Properties 40426WAP6 Notes due $186,000,000 $152,560,000 82.02%
Trust February
15, 2015
5.75%
HRPT Senior
Properties 40426WAS0 Notes due $250,000,000 $111,227,000 44.49%
Trust November
1, 2015
6.25%
HRPT Senior
Properties 40426WAR2 Notes due $400,000,000 $260,896,000 65.22%
Trust August
15, 2016
_____________
^(1) At the time of the issuance of the Senior Notes, the issuer,
CommonWealth REIT, was then known as HRPT Properties Trust.
While the total amount of Senior Notes tendered exceeds the Maximum Tender
Amount, the rules of the Securities and Exchange Commission allow CommonWealth
to accept the amount tendered without amending and extending the Offer.
Accordingly, CommonWealth has accepted for purchase all of the Senior Notes
validly tendered at or prior to the Expiration Date which have not previously
been purchased during the course of the Offer. CommonWealth expects to make
payment for such Senior Notes in same-day funds on March 25, 2013 (the “Final
Settlement Date”).
Holders who validly tendered their Senior Notes at or prior to the Expiration
Date and whose Senior Notes are accepted for purchase and whose Senior Notes
have not previously been purchased during the course of the Offer will receive
the “Tender Offer Consideration” specified in the Offer Documents, plus
accrued and unpaid interest to the Final Settlement Date, in accordance with
the terms set forth in the Offer Documents.
The terms and conditions of the Offer are set forth in the Offer Documents.
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