Alexandria Privately Offers $175M In Senior Notes
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PASADENA, Calif. (AP) — Real estate investment trust Alexandria Real Estate Equities Inc. said Tuesday it is privately offering $175 million in senior convertible notes due 2029 to pay down debt.
The interest rate, conversion rate and terms of the notes will be determined by the REIT and initial buyers. The notes can be converted into cash and stock. The company will also offer the initial buyers a 30-day option to purchase up to $25 million more in notes.
Net proceeds from the offering will reduce the outstanding balance on its unsecured line of credit. Alexandria said it may tap that line to repurchase outstanding convertible notes and pay down part of its senior secured term loan. It may also use that line of credit to provide general working capital. ...
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