CommonWealth REIT Prices $250 Million 5 7/8% Senior Notes Due 2020
14 Setembro 2010 - 6:30PM
Business Wire
CommonWealth REIT (NYSE: CWH) today announced that it has priced
an underwritten public offering of $250 million of 5 7/8%
unsecured senior notes due September 15, 2020. The settlement of
this offering is expected to occur on September 17, 2010.
CommonWealth intends to use the net proceeds of this offering
initially to reduce amounts outstanding under its revolving credit
facility. Following such reduction, CommonWealth expects to use
borrowings available under its revolving credit facility to redeem
the remaining seven million shares outstanding of its 8 ¾% Series B
cumulative redeemable preferred shares.
The joint book-running managers for this offering were Banc of
America Securities LLC, Citigroup Global Markets Inc., and UBS
Securities LLC. The joint lead managers for this offering were,
Jefferies & Company, Inc., Morgan Keegan & Company, Inc.,
Morgan Stanley & Co, Incorporated, RBC Capital Markets
Corporation and Wells Fargo Securities, LLC. The co-managing
underwriters for this offering were BB&T Capital Markets, a
division of Scott & Stringfellow, LLC, BBVA Securities Inc.,
BNY Mellon Capital Markets, LLC, Comerica Securities, Inc., Daiwa
Capital Markets America Inc., Mitsubishi UFJ Securities (USA),
Inc., PNC Capital Markets LLC, RBS Securities Inc., Santander
Investment Securities Inc., Scotia Capital (USA) Inc., TD
Securities (USA) LLC and U.S. Bancorp Investments, Inc.
This communication shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that state or
jurisdiction. Copies of the prospectus supplement and the
accompanying prospectus may be obtained by calling Banc of America
Securities LLC toll-free at (800) 294-1322, Citigroup Global
Markets Inc. toll-free at (877) 858-5407 or UBS Securities LLC
toll-free at (877) 827-6444, ext. 561 3884.
CommonWealth REIT is a nationwide office and industrial real
estate investment trust, or REIT. As of June 30, 2010, CWH owned
521 properties with 67.5 million square feet located in over 60
markets in 34 states and Washington, DC. CWH is headquartered in
Newton, Massachusetts.
WARNING REGARDING FORWARD LOOKING
STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN
THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
AND OTHER FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS
ARE BASED UPON COMMONWEALTH’S PRESENT EXPECTATIONS, BUT THESE
STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS MAY NOT OCCUR.
FOR EXAMPLE,
■ THIS PRESS RELEASE STATES THAT THE SETTLEMENT OF THE SALE OF
SENIOR NOTES IS EXPECTED TO OCCUR ON SEPTEMBER 17, 2010, AND THAT
COMMONWEALTH EXPECTS TO REDEEM ALL OF ITS OUTSTANDING 8 ¾% SERIES B
CUMULATIVE REDEEMABLE PREFERRED SHARES. IN FACT, THE SETTLEMENT OF
THIS OFFERING IS SUBJECT TO VARIOUS CONDITIONS AND CONTINGENCIES AS
ARE CUSTOMARY IN UNDERWRITING AGREEMENTS IN THE UNITED STATES. IF
THESE CONDITIONS ARE NOT SATISFIED OR THE SPECIFIED CONTINGENCIES
OCCUR, THIS OFFERING AND THE SUBSEQUENT REDEMPTION OF SERIES B
SHARES MAY NOT BE COMPLETED.
FOR THESE REASONS, AMONG OTHERS, INVESTORS SHOULD NOT PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
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