Oct. 16, 2012
/PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has entered into separate, privately negotiated exchange agreements whereby it will exchange approximately
in aggregate amount of liquidation preference, or approximately 2.7 million shares of its outstanding Series A Cumulative Perpetual Convertible Preferred Stock, for approximately 8.8 million shares of its Class A common stock, plus a total cash payment of approximately
for additional exchange consideration, in lieu of fractional shares, and payment of any dividends payable on
December 15, 2012
and March 15, 2013.
March 9, 2013
is the earliest date upon which the company could have redeemed the Preferred Stock. The number of Class A common shares to be issued in the exchanges reflects the current conversion rate applicable to the Preferred Stock.
The exchange transactions reflect the company's continuing focus on building a strong, sustaining capital structure. Approximately 1.7 million shares of the Preferred Stock will remain outstanding after the exchanges.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with
in total assets. 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, visit
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SOURCE Forest City Enterprises, Inc.