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GlobeNewswire

Kite Realty Group Trust Announces Proposed Private Offering of $175 Million of Exchangeable Senior Notes

INDIANAPOLIS, March 16, 2021 (GLOBE NEWSWIRE) — Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that its operating partnership, Kite Realty Group, L.P. (the “Operating Partnership”), launched an offering (the “Offering”), subject to market conditions and other factors, of $175 million aggregate principal amount of exchangeable senior notes due 2027 in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Operating Partnership also intends to grant the initial purchasers of the notes an option to purchase up to an additional $25 million aggregate principal amount of notes. The notes will be the Operating Partnership’s senior unsecured obligations and will accrue interest payable semi-annually in arrears. The notes will be exchangeable into cash up to the principal amount of the notes exchanged and, if applicable, cash or common shares of beneficial interest, par value $0.01 per share, of the Company (the “Common Shares”), or a combination thereof. The interest rate, exchange rate and other terms of the notes will be determined at the time of pricing of the Offering. In connection with the pricing of the Notes, the Operating Partnership expects to enter into one or more privately negotiated capped call transactions with certain counterparties, which may include certain of the initial purchasers of the Notes or their respective affiliates (the “Option Counterparties”). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of Common Shares underlying the Notes. The capped call transactions are generally expected to reduce the potential dilution to Common Shares upon any exchange of the Notes and/or offset any cash payments the Operating Partnership is required to make in excess of the principal amount of such exchanged Notes, as the case may be, with such reduction and/or offset subject to a cap. The Operating Partnership intends to use the net proceeds from the offering of the Notes to enter into the capped call transactions, to repay a portion of its outstanding indebtedness and, if any net proceeds remain, for general corporate purposes. In connection with establishing their initial hedges of the capped call transactions, the Option Counterparties or their respective affiliates expect to purchase Common Shares and/or enter into various derivative transactions with respect to Common Shares concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Common Shares or the Notes at…



Read MoreThis wireless mic is a must-have for all content creators

This wireless mic is a must-have for all content creators


GlobeNewswire

Kite Realty Group Trust Announces Proposed Private Offering of $175 Million of Exchangeable Senior Notes

INDIANAPOLIS, March 16, 2021 (GLOBE NEWSWIRE) — Kite Realty Group Trust (NYSE: KRG) (the “Company”) announced today that its operating partnership, Kite Realty Group, L.P. (the “Operating Partnership”), launched an offering (the “Offering”), subject to market conditions and other factors, of $175 million aggregate principal amount of exchangeable senior notes due 2027 in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Operating Partnership also intends to grant the initial purchasers of the notes an option to purchase up to an additional $25 million aggregate principal amount of notes. The notes will be the Operating Partnership’s senior unsecured obligations and will accrue interest payable semi-annually in arrears. The notes will be exchangeable into cash up to the principal amount of the notes exchanged and, if applicable, cash or common shares of beneficial interest, par value $0.01 per share, of the Company (the “Common Shares”), or a combination thereof. The interest rate, exchange rate and other terms of the notes will be determined at the time of pricing of the Offering. In connection with the pricing of the Notes, the Operating Partnership expects to enter into one or more privately negotiated capped call transactions with certain counterparties, which may include certain of the initial purchasers of the Notes or their respective affiliates (the “Option Counterparties”). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of Common Shares underlying the Notes. The capped call transactions are generally expected to reduce the potential dilution to Common Shares upon any exchange of the Notes and/or offset any cash payments the Operating Partnership is required to make in excess of the principal amount of such exchanged Notes, as the case may be, with such reduction and/or offset subject to a cap. The Operating Partnership intends to use the net proceeds from the offering of the Notes to enter into the capped call transactions, to repay a portion of its outstanding indebtedness and, if any net proceeds remain, for general corporate purposes. In connection with establishing their initial hedges of the capped call transactions, the Option Counterparties or their respective affiliates expect to purchase Common Shares and/or enter into various derivative transactions with respect to Common Shares concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Common Shares or the Notes at…



Read MoreThis wireless mic is a must-have for all content creators