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CapLease, Inc.
CapLease Announces Debt Repurchase
January 24th, 2009
CapLease, Inc. (NYSE: LSE) announced that it has repurchased $8.74 million of its $75 million 7.50% Convertible Senior Notes due 2027, for approximately $3.27 million in cash, plus accrued interest on the notes. CapLease’s purchase price represents an average discount of 62.6% to the face amount of the notes and a yield to maturity in excess of 40%. CapLease funded the repurchase with cash on hand and short-term borrowings. Paul McDowell, Chairman and Chief Executive Officer, stated, “The repurchase transactions are consistent with CapLease’s stated objective to utilize excess cash flow to fund debt repurchases that are highly accretive to income and book value, while...
Source: Law & Health Weekly (2009-01-24)
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