Sign in Subscribe
Real estate industry

SL Green Realty Corp. Announces $250 Million Senior Notes Offering and Concurrent Tender Offer

Strategic Insights

— 1 min read

SL Green Realty Corp. has announced a significant financial move, commencing a $250 million senior notes offering in a private transaction, subject to market conditions. The company intends to use the net proceeds to fund its concurrent tender offer for outstanding notes of Reckson and SL Green Operating Partnership, L.P. This development marks a strategic step in the company's financial strategy, as it navigates market conditions and refines its asset base.

Key Takeaways:

  • SL Green Realty Corp. has launched a $250 million senior notes offering, with obligations that will be the joint and several obligations of Reckson, SL Green Operating Partnership, L.P., and the Company.
  • The company plans to allocate the net proceeds from the offering to fund its concurrent tender offer for outstanding notes of Reckson and SL Green Operating Partnership, L.P.
  • The Tender Offer is conditioned on the consummation of the Notes offering, which is subject to customary closing conditions.
  • The Notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption.
  • The Notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.
  • SL Green Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) that predominantly acquires, owns, repositions, and manages Manhattan office properties.

Statistics:

  • $250,000,000: The aggregate principal amount of senior notes being offered.
  • 29: The number of New York City office properties owned by SL Green Realty Corp. as of December 31, 2009.
  • 23,211,200: The square feet of South Florida office properties owned by SL Green Realty Corp. as of December 31, 2009.
  • 374,812: The square feet of retail properties held by SL Green Realty Corp. as of December 31, 2009.
  • 399,800: The square feet of development properties held by SL Green Realty Corp. as of December 31, 2009.
  • 6,804,700: The square feet of suburban assets held by SL Green Realty Corp. as of December 31, 2009.

Sources:

  • SL Green Realty Corp. (Source: Company press release)
  • Securities Act of 1933, as amended (Source: U.S. Securities and Exchange Commission)

Read more