Colony Capital Announces Final Results of Tender Offer for Outstanding 3.875% Convertible Senior Notes Due 2021
September 25 2020 - 8:50AM
Business Wire
Colony Capital, Inc. (the “Company”) today announced the
expiration and final results of the Company’s previously announced
cash tender offer (the “Offer”) for any and all of its outstanding
3.875% Convertible Senior Notes due 2021 (the “Convertible
Notes”).
The Offer expired at 12:00 midnight, New York City time, at the
end of September 24, 2020. As of the expiration of the Offer,
$81,309,000 aggregate principal amount of the Convertible Notes,
representing approximately 72% of the total Convertible Notes
outstanding, were validly tendered (and not validly withdrawn)
pursuant to the Offer. The Company has accepted for purchase all
Convertible Notes that were validly tendered (and not validly
withdrawn) pursuant to the Offer at the expiration of the Offer at
a purchase price equal to $1,000 per $1,000 principal amount of
Convertible Notes, plus accrued and unpaid interest.
The Company expects to pay approximately $81.9 million for the
purchase of the Convertible Notes, including interest, on the
settlement date of September 25, 2020. After settlement,
approximately $31,502,000 aggregate principal amount of the
Convertible Notes will remain outstanding.
Barclays Capital Inc. acted as dealer manager in connection with
the Offer. D.F. King & Co., Inc. acted as the Information and
Tender Agent for the Offer.
This press release is for informational purposes only and is
neither an offer to buy nor the solicitation of an offer to sell
any of the Company’s securities.
Forward-Looking
Statements
This press release may contain forward-looking statements which
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions
of or indicate future events or trends and which do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Factors that might cause such a
difference include, without limitation, whether the Company will
complete the sale of its hospitality portfolios within the
timeframe anticipated or at all, including the Company’s ability to
obtain any necessary third-party approvals to consummate the
transaction, whether the Company will realize any of the
anticipated benefits from the transaction, including generating
segment and corporate-level G&A savings post-closing and
simplifying the Company’s business profile to focus exclusively on
digital infrastructure assets, in the time anticipated or at all,
the Company’s ability to divest of non-core assets and the timing
of such divestiture, the pace of growth of the Company’s digital
businesses, the Company’s ability to achieve superior returns from
its digital businesses for the Company’s shareholders and other
risks and uncertainties, including those detailed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019,
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020,
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020
and its other reports filed from time to time with the U.S.
Securities and Exchange Commission. All forward-looking statements
reflect the Company’s good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance.
The Company cautions investors not to unduly rely on any
forward-looking statements.
The forward-looking statements speak only as of the date of this
press release. The Company is under no duty to update any of these
forward-looking statements after the date of this press release,
nor to conform prior statements to actual results or revised
expectations, and the Company does not intend to do so.
About Colony
Colony Capital, Inc. (NYSE: CLNY) is a leading global investment
firm with a heritage of identifying and capitalizing on key secular
trends in real estate. The Company manages a $46 billion portfolio
of real assets on behalf of its shareholders and limited partners,
including over $20 billion in digital real estate investments
through Digital Colony, its digital infrastructure platform. Colony
Capital, structured as a REIT, is headquartered in Los Angeles with
key offices in Boca Raton, New York, and London, and has over 350
employees across 20 locations in 11 countries. For more information
on the Company visit www.clny.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200925005283/en/
Investor Contact: Severin White Managing Director, Head of
Public Investor Relations (212) 547-2777 swhite@clny.com
Colony Capital (NYSE:CLNY)
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