SL Green Realty Corp. (NYSE:SLG) Files An 8-K Other EventsItem 8.01.Other Events
3.00% Exchangeable Senior Notes due 2017 — Exchange Period
The 3.00% Exchangeable Senior Notes due 2017 (the “Notes”) issued by SL Green Operating Partnership, L.P. (the“Issuer”) and guaranteed by Reckson Operating Partnership, L.P. (the “Guarantor”) are exchangeable, at the option of the holders, during the calendar quarter commencing July 1, 2017 and will remain exchangeable through September 29, 2017, the last trading day of the current calendar quarter, as provided for in the Indenture governing the Notes dated as of October12, 2010 (the “Indenture”) entered into between the Issuer, the Guarantor, SL Green Realty Corp. (the “Company”) and The Bank of New York Mellon.
The Notes are exchangeable as the Company’s common stock closed at or above 130% of the Exchange Price (as defined in the Indenture) for at least 20 Trading Days (as defined in the Indenture) in the period of 30 consecutive Trading Days ending on June 30, 2017 (being the last Trading Day of the calendar quarter). As a result, holders of the Notes may, if they elect, surrender their Notes for exchange upon the terms, and to the procedure, provided for in the Indenture.
In addition, the Company declared a dividend on its common stock that requires an adjustment to the Exchange Rate for the Notes. Effective as of June 28, 2017, the Exchange Rate is 12.8093 shares of Common Stock per $1,000 principal amount of Notes.
About SL Green Realty Corp. (NYSE:SLG)
SL Green Realty Corp. is a self-managed real estate investment trust, with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company acquires, owns, repositions, manages and leases commercial office, retail and multifamily properties in the New York Metropolitan area. It operates through two segments: real estate, and debt and preferred equity investments. It owns or holds interests in approximately 30 consolidated and over five unconsolidated commercial office buildings encompassing approximately 21.0 million rentable square feet and approximately 3.0 million rentable square feet, for a total of over 24.0 million rentable square feet, located primarily in midtown Manhattan. It invests in well-collateralized debt and preferred equity investments. It manages an office building owned by a third-party encompassing over 336,000 square feet and holds debt and preferred equity investments.
