Early Deadline Expires In UDR Tender Offer

DENVER (AP) — Real estate investment trust UDR Inc. said Friday that the early deadline for its tender offer of 8.5 percent notes due 2024 expired on Thursday.

The company had extended the early deadline by a day. It originally was set to expire on Wednesday.

The company also on Thursday quadrupled the early tender payment for the offer to $120 per $1,000 principal amount of notes from $30 per $1,000. Anyone who offered notes by the early deadline will be paid $1,100 per $1,000 principal amount of notes if the offer is accepted.

After the early deadline, payment will be $980 per $1,000 principal amount of notes. The offer expires on Sept. 3.

As of Thursday, holders of $37.5 million, or about 70.5 percent, of the notes had been tendered. As a result, the company received the required majority consents to adopt the proposed changes to the rules governing the notes, and a supplemental loan was executed on Thursday, the company said.

UDR shares rose 43 cents, or 3.4 percent, to $13.22 in midday trading.