The notes are exchangeable into common shares of Equity Office Properties Trust initially at $34 a share, which is an approximate a 15% premium over EOP's current share price of $29 7/16. The notes are non-callable for four years and mature November 15, 2008. Investors are being given a play on EOP's distribution growth as interest on the notes will be the greater of either 7.25% annually or the product of two times EOP's cash distribution to common shareholders for the most recent fiscal quarter.
Proceeds will be used to pay down EOP's revolving credit facilities.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
