GE Capital Solutions Completes Acquisition of Trustreet Properties, Inc.
26 Fevereiro 2007 - 3:30PM
PR Newswire (US)
ORLANDO, Fla., Feb. 26 /PRNewswire-FirstCall/ -- Trustreet
Properties, Inc. (NYSE:TSY) ("Trustreet") today said the previously
announced acquisition of Trustreet by GE Capital Solutions, the
business-to-business leasing, financing and asset management unit
of General Electric (NYSE:GE), has been completed. Under the terms
of the Merger Agreement, holders of Trustreet's common stock (other
than Trustreet's subsidiaries and TSY-FF Acquisition Company, Inc.)
will receive $17.05 in cash, without interest, for each share of
common stock issued and outstanding immediately prior to the
effective time of the merger, holders of Trustreet's Series A
cumulative convertible preferred stock will receive, without
interest, $25.00 per share plus any accrued and unpaid dividends
through the closing date of the merger, and holders of Trustreet's
7.5% Series C redeemable convertible preferred stock will receive,
for each share of Series C stock issued and outstanding immediately
prior to the effective time of the merger, one share of 7.5% Series
C redeemable convertible preferred stock of the surviving
corporation in the merger. As promptly as practicable, the
surviving corporation will be liquidated into FF- TSY Holding
Company, Inc., an indirect unit of GE Capital. In the liquidation,
shares of the surviving corporation's Series C preferred stock will
be canceled and the holders thereof will receive a cash
distribution from the surviving corporation of $25.00 per share
plus any accrued and unpaid dividends through the date of the
liquidation. In addition, in connection with the merger, limited
partners of CNL APF Partners, LP, Trustreet's operating
partnership, will receive $17.05 in cash, without interest, for
each unit of partnership interest that they own in CNL APF
Partners, LP. As a result of the completion of the merger,
Trustreet has applied to de- list its common stock and preferred
stock from the New York Stock Exchange. About Trustreet Properties,
Inc. Trustreet Properties, Inc. is the largest self-advised
restaurant real estate investment trust (REIT) in the United
States. Trustreet, which trades on the NYSE under the ticker symbol
TSY, provides a complete range of financial, real estate and
advisory services to operators of national and regional restaurant
chains. For more information, visit http://www.trustreet.com/.
About GE Capital Solutions, Franchise Finance, GE Capital Solutions
and General Electric GE Capital Solutions, Franchise Finance is a
leading lender for the franchise market via direct sales and
portfolio acquisition. It serves more than 6,000 customers and
20,000 property locations in restaurant, hospitality, branded
beverage, power sports and automotive after-market industries. GE
Capital Solutions, Franchise Finance offers customers access to
capital with a menu of products featuring flexible structuring,
including financing for acquisitions, refinancing, construction of
new units, and remodels for single- and multi-unit
operators/chains. More information is available at
http://www.gefranchisefinance.com/ or by calling toll-free
866-GET-GEFF (438-4333). GE Capital Solutions provides leasing,
lending and capital investment products and services to help
business customers grow. It has over $92 billion in assets, serves
more than a million clients around the world and is headquartered
in Danbury, Connecticut, USA. http://www.ge.com/capitalsolutions GE
(NYSE:GE) is a diversified technology and services company
dedicated to creating products that make life better. From aircraft
engines and power generation to financial services, medical
imaging, television programming and plastics, GE operates in more
than 100 countries and employs more than 300,000 people worldwide.
For more information, visit the company's web site at
http://www.ge.com/ Forward-Looking Statements Some of the
statements contained in this press release constitute forward-
looking statements. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. The forward-looking
statements reflect Trustreet's current views about future events
and are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause Trustreet's actual results to differ
significantly from those expressed in any forward-looking
statement. You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors that are, in some cases, beyond Trustreet's control and
that could materially affect actual results. The factors that could
cause actual results to differ materially from current expectations
include risks detailed from time to time in filings with the
Securities and Exchange Commission. The forward-looking statements
contained herein represent Trustreet's judgment as of the date of
this release, and Trustreet cautions readers not to place undue
reliance on such statements. DATASOURCE: Trustreet Properties, Inc.
CONTACT: Liz Kohlmyer, Director of Communications, of Trustreet
Properties, Inc., +1-407-540-2221 Web site:
http://www.trustreet.com/ http://www.ge.com/
http://www.ge.com/capitalsolutions
http://www.gefranchisefinance.com/
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