CIM Commercial Trust Announces Exchange Rate for Recent Tender Offer for Series L Preferred Stock
November 21 2019 - 9:08PM
Business Wire
CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L)
(“we”, “our” or the “Company”), a real estate investment trust that
primarily acquires, owns, and operates Class A and creative office
assets in vibrant and improving metropolitan communities throughout
the United States, announced today that the aggregate purchase
price of $78,437,049.60 U.S. dollars (“USD”) for the 2,693,580
shares of Series L Preferred Stock accepted for purchase by the
Company in the tender offer that expired on November 20, 2019 (the
“Tender Offer”) was converted to New Israeli Shekels (“ILS”) at a
weighted average exchange rate of 3.4616096 ILS/USD.
In accordance with the terms of the Tender Offer, holders of
shares of Series L Preferred Stock accepted for purchase by the
Company in the Tender Offer will receive 100.8020716 ILS per
accepted share (the $29.12 USD per share purchase price, as
converted to ILS at the 3.4616096 ILS/USD weighted average exchange
rate), less any applicable withholding taxes.
The depositaries for the Tender Offer in Israel and the U.S.
will, as promptly as practicable, coordinate the payment of the
purchase price in ILS in respect of shares of Series L Preferred
Stock tendered to them and accepted by us, and the return to
tendering holders of all shares of Series L Preferred Stock
tendered to them and not accepted for payment by us.
Israel Brokerage & Investments, I.B.I. Ltd is serving as the
coordinator for the Tender Offer in Israel and Computershare Inc.
and its wholly owned subsidiary, Computershare Trust Company N.A.,
are serving together as the U.S. depositary for the Tender
Offer.
IMPORTANT NOTICE
This press release is for informational purposes only and is not
an offer to buy or a solicitation of an offer to sell any
securities of the Company, including the Series L Preferred
Stock.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment
trust that primarily acquires, owns, and operates Class A and
creative office assets in vibrant and improving metropolitan
communities throughout the United States. Its properties are
primarily located in Los Angeles and the San Francisco Bay Area.
CIM Commercial Trust is operated by affiliates of CIM Group, L.P.,
a vertically-integrated owner and operator of real assets with
multi-disciplinary expertise and in-house research, acquisition,
credit analysis, development, financing, leasing, and onsite
property management capabilities. (www.cimcommercial.com).
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements”
regarding the Tender Offer. Such forward-looking statements are
based on particular assumptions that management of the Company has
made in light of its experience, as well as its perception of
expected future developments and other factors that it believes are
appropriate under the circumstances. Forward-looking statements are
necessarily estimates reflecting the judgment of the Company and
involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the
forward-looking statements. For a list and description of the risks
and uncertainties inherent in forward-looking statements, see the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018 and the Schedule TO relating to the Tender
Offer.
Forward-looking statements are not guarantees of performance or
results and speak only as of the date such statements are made. The
Company undertakes no obligation to publicly update or release any
revisions to its forward-looking statements, whether to reflect new
information, future events, changes in assumptions or circumstances
or otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191121006062/en/
For CIM Commercial Trust Corporation Media Relations: Bill
Mendel, 212-397-1030 bill@mendelcommunications.com
Or
Investor Relations: Steve Altebrando, 646-652-8473
investors@cimcommercial.com
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