United Dominion Note Sale
United Dominion Realty Trust(UDR Quote) said Thursday evening that it has priced its $250 million aggregate principal amount of convertible senior notes due 2011 with a coupon of 3.625%. The notes will be sold to qualified institutional buyers.
The real estate investment trust said that an additional $37.5 million aggregate principal amount of notes may be purchased, at the option of the initial purchasers, within 13 days.
Prior to July 15, 2011, upon the occurrence of specified events, the notes will be convertible at the option of the holder into cash and, in certain circumstances, shares of the company's common stock at an initial conversion rate which equates to an initial conversion price of about $37.55 a share, United Dominion Realty Trust added. ...
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