United Dominion Offers Senior Notes

Real Estate

TSC and IRIS Staff

10/04/06 - 05:55 PM EDT

United Dominion Realty Trust(UDR Quote) said Wednesday that it is selling $250 million in convertible senior notes due 2011.

The notes will be sold to institutional buyers. The interest rate, conversion rate and other terms of the notes will be determined through negotiations.

The Richmond, Va.-based company plans to use the proceeds from the offering to repay debt under its revolving credit facility and for general corporate purposes.

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