SL GreenRealty Corp. said holders may exchange during the fourth quartertheir 3.00% exchangeable senior notes due 2017 that were issued by SL GreenOperating Partnership LP.
The notes exchange option comes amid the closing of SLGreen's common stock at or above 130% of the exchange price for at least 20trading days within a 30-day consecutive trading period ending Sept. 30.
SL Green added that it adjusted the exchange rate for thenotes to 12.5697 common shares per $1,000 principal amount of the notes,effective Sept. 28. The adjustment is a requirement of the company'sdeclaration of a common stock dividend.
Reckson Operating Partnership LP is the guarantor for thenotes.