CommonWealth REIT Prices $175 Million of 5.75% Unsecured Senior Notes Due 2042
20 Julho 2012 - 5:16PM
Business Wire
CommonWealth REIT (NYSE: CWH) today announced that it has priced
an underwritten public offering of $175 million of 5.75%
unsecured senior notes due August 1, 2042.
CWH expects to use the net proceeds from this offering to redeem
some or all of its outstanding 7 1/8% Series C Cumulative
Redeemable Preferred Shares, repay amounts outstanding under its
revolving credit facility, and for general business purposes,
including funding possible future acquisitions of properties. The
settlement of this offering is expected to occur on July 25, 2012.
CWH granted the underwriters an option to purchase up to $26.25
million of additional notes within 30 days to cover overallotments,
if any. CWH intends to apply to list the notes on the New York
Stock Exchange and, if approved, expects trading to begin within 30
days after the original issue date of the notes.
The joint book-running managers for this offering were Citigroup
Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC, and
Wells Fargo Securities, LLC. The joint lead managers for this
offering were Jefferies & Company, Inc., and RBC Capital
Markets, LLC.
This press release 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 Citigroup Global
Markets Inc. toll-free at (800) 831-9146, Merrill Lynch, Pierce,
Fenner & Smith Incorporated toll-free at (800) 294-1322, or
Morgan Stanley & Co. LLC, toll-free at (866) 718-1649, UBS
Securities LLC toll-free at (877) 827-6444, extension 561-3884 or
Wells Fargo Securities, LLC toll-free at (800) 326-5897.
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 SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON CWH’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 JULY
25, 2012. 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 DO NOT OCCUR, THIS
OFFERING MAY NOT CLOSE.
- THIS PRESS RELEASE STATES THAT CWH
EXPECTS TO USE A PART OF THE NET PROCEEDS FROM THIS OFFERING TO
REDEEM SOME OR ALL OF ITS OUTSTANDING 71/8% SERIES C CUMULATIVE
REDEEMABLE PREFERRED SHARES. HOWEVER, IF THIS OFFERING DOES NOT
CLOSE CWH MAY NOT REDEEM ANY OF ITS OUTSTANDING 71/8% SERIES C
CUMULATIVE REDEEMABLE PREFERRED SHARES.
- THIS PRESS RELEASE STATES THAT THE
UNDERWRITERS HAVE BEEN GRANTED AN OPTION TO PURCHASE UP TO $26.25
MILLION OF ADDITIONAL NOTES. AN IMPLICATION OF THIS STATEMENT MAY
BE THAT THIS OPTION MAY BE EXERCISED IN WHOLE OR IN PART. IN FACT,
CWH DOES NOT KNOW WHETHER THE UNDERWRITERS WILL EXERCISE THIS
OPTION, OR ANY PART OF IT.
FOR THESE REASONS, AMONG OTHERS, INVESTORS SHOULD NOT PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
A Maryland Real Estate Trust with transferable
shares of beneficial interest listed on the New York Stock
Exchange. No shareholder, Trustee or officer is personally liable
for any act or obligation of the Trust.
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