PR Newswire | 30 days 20 hours 5 minutes ago
Forest City Announces Exercise of Overallotment Option by Initial Purchasers of Convertible Senior Notes
CLEVELAND, Oct. 23 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080515/FRSTCTYLOGO )
With the initial purchasers' exercise of the full overallotment option, Forest City estimates that the net proceeds from the offering will be approximately $177.3 million, after deducting the initial purchasers' discounts, estimated offering expenses and the cost of convertible note hedge transactions. Forest City expects to use the net proceeds from the offering to reduce outstanding borrowings on the Company's $750 million revolving credit facility and for general corporate purposes, which, depending on prevailing market conditions, could include the repayment of debt with earlier maturities. The closing of the offering is expected to occur on October 26, 2009.
About Forest City Enterprises, Inc.
Forest City Enterprises, Inc., is an $11.7-billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, go to www.forestcity.net.
SOURCE Forest City Enterprises, Inc.
CONTACT: Robert O'Brien, Executive Vice President - Chief Financial
Officer; Jeff Linton, Vice President - Corporate Communication, both of
Forest City Enterprises, Inc., +1-216-621-6060
Web site: http://www.forestcity.net/
Articles appearing above are picked up from PR Newswire's feed. Stories from this feed are submitted by companies, edited and rereleased as a service of PR Newswire.
Sign up for USTelecom dailyLead
Companies mentioned