SL Green Realty Corp. (the "Company”) (NYSE: SLG) announced today that
it priced an underwritten public offering of 5,400,000 shares of its
7.625% Series C Cumulative Redeemable Preferred Stock. Upon completion
of this offering, the Company will have 11,700,000 shares of 7.625%
Series C Cumulative Redeemable Preferred Stock outstanding. The shares
of Series C preferred stock have a liquidation preference of $25.00 per
share and are redeemable at par, plus accrued and unpaid dividends, at
any time at the option of the Company.
The shares were priced at $23.53 per share including accrued dividends
equating to a yield of 8.101%. The Company intends to use the estimated
net offering proceeds of $122.6 million for general corporate and/or
working capital purposes, which may include investment opportunities,
purchases of the indebtedness of its subsidiaries in the open market
from time to time and the repayment of indebtedness at the applicable
maturity or put date. The offering is expected to close on January 20,
2010, subject to customary closing conditions.
BofA Merrill Lynch and Wells Fargo Securities are serving as the joint
book-running managers of the offering. Citi and Deutsche Bank Securities
are serving as the joint lead managers of the offering.
This offering is being made pursuant to a prospectus supplement to the
Company’s base prospectus included in an automatic shelf registration
statement filed with the Securities and Exchange Commission on December
22, 2009. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
The offering may be made only by means of a prospectus and related
prospectus supplement. Copies of the prospectus supplement and
accompanying prospectus relating to these securities, when available,
may be obtained from Banc of America Securities LLC, Attention:
Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, New
York 10001, 1-800-294-1322, email: dg.prospectus_distribution@bofasecurities.com
and Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675,
Charlotte, North Carolina 28262, Attn: Syndicate Operations,
1-800-326-5897, email: prospectus.specialrequests@wachovia.com.
Company Profile
SL Green Realty Corp. is a self-administered and self-managed real
estate investment trust, or REIT, that predominantly acquires, owns,
repositions and manages Manhattan office properties. The Company is the
only publicly held REIT that specializes in this niche. As of September
30, 2009, the Company owned interests in 29 New York City office
properties totaling approximately 23,211,200 square feet, making it New
York's largest office landlord. In addition, at September 30, 2009, SL
Green held investment interests in, among other things, eight retail
properties encompassing approximately 374,812 square feet, three
development properties encompassing approximately 399,800 square feet
and two land interests, along with ownership interests in 31 suburban
assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island,
Westchester County, Connecticut and New Jersey.
Forward-looking Statement
This press release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof.
All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, including such matters as
future capital expenditures, dividends and acquisitions (including the
amount and nature thereof), development trends of the real estate
industry and the Manhattan, Brooklyn, Queens, Long Island, Westchester
County, Connecticut, and New Jersey office markets, business strategies,
expansion and growth of our operations and other similar matters, are
forward-looking statements. These forward-looking statements are based
on certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current conditions,
expected future developments and other factors we believe are
appropriate.
Forward-looking statements are not guarantees of future performance
and actual results or developments may materially differ, and we caution
you not to place undue reliance on such statements.
Forward-looking
statements are generally identifiable by the use of the words "may,"
"will," "should," "expect," "anticipate," "estimate," "believe,"
"intend," "project," "continue," or the negative of these words, or
other similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties which may cause our
actual results, performance or achievements to be materially different
from future results, performance or achievements expressed or implied by
forward-looking statements made by us.
These risks and
uncertainties include the effect of the credit crisis on general
economic, business and financial conditions, and on the New York Metro
real estate market in particular; dependence upon certain geographic
markets; risks of real estate acquisitions, dispositions and
developments, including the cost of construction delays and cost
overruns; risks relating to structured finance investments; availability
and creditworthiness of prospective tenants and borrowers; bankruptcy or
insolvency of a major tenant or a significant number of smaller tenants;
adverse changes in the real estate markets, including reduced demand for
office space, increasing vacancy, and increasing availability of
sublease space; availability of capital (debt and equity); unanticipated
increases in financing and other costs, including a rise in interest
rates; our ability to comply with financial covenants in our debt
instruments; our ability to maintain our status as a REIT; risks of
investing through joint venture structures, including the fulfillment by
our partners of their financial obligations; the continuing threat of
terrorist attacks, in particular in the New York Metro area and on our
tenants; our ability to obtain adequate insurance coverage at a
reasonable cost and the potential for losses in excess of our insurance
coverage, including as a result of environmental contamination; changes
in accounting principles and policies and guidelines applicable to
REITs; and legislative, regulatory and/or safety requirements adversely
affecting REITs and the real estate business, including costs of
compliance with the Americans with Disabilities Act, the Fair Housing
Act and other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our
control, are described in our filings with the Securities and Exchange
Commission.
We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of future
events, new information or otherwise.
