Attached files
| file | filename |
|---|---|
| 8-K - Gramercy Property Trust Inc. | v188444_8k.htm |
| EX-10.1 - Gramercy Property Trust Inc. | v188444_ex10-1.htm |
CONTACT:
Jon W.
Clark
Chief
Financial Officer
(212)
297-1000
-Or-
Julia M.
Rivera
Investor
Relations
(212)
297-1000
Gramercy
Capital Corp. Completes Exchange of Remaining Junior Subordinated
Notes
New York, NY - June 16, 2010 -
Gramercy Capital Corp. (NYSE: GKK) today announced that it has redeemed $52.5
million of junior subordinated notes due June 30, 2035 issued by its operating
partnership subsidiary. Gramercy completed the transaction by transferring to
the noteholders an equivalent par value amount of various classes of bonds
issued by affiliates Gramercy Real Estate CDO 2005-1, Gramercy Real Estate CDO
2006-1 and Gramercy Real Estate CDO 2007-1, previously purchased by the Company
in the open market, and cash equivalents of $5.0 million. In October 2009, the
Company settled an exchange of $97.5 million of junior subordinated notes for an
equivalent par amount of CDO bonds. This redemption eliminates the Company’s
junior subordinated notes from its consolidated financial statements, which had
an original balance of $150.0 million.
Company
Profile
Gramercy
Capital Corp. is a self-managed integrated commercial real estate finance and
property investment company whose Gramercy Finance division focuses on the
direct origination, acquisition and portfolio management of whole loans,
subordinate interests in whole loans, mezzanine loans, preferred equity,
commercial mortgage-backed securities and other real estate securities, and
whose Gramercy Realty division targets commercial properties leased primarily to
financial institutions and affiliated users throughout the United States. The
Company is headquartered in New York City, and has regional investment and
portfolio management offices in Jenkintown, Pennsylvania, Charlotte, North
Carolina and St. Louis, Missouri.
To review
Gramercy's latest news releases and other corporate documents, please visit the
Company's website at www.gkk.com or contact Investor Relations at
212-297-1000.
(GKK-GN)
Forward-looking
Information
This
press release contains forward-looking information based upon the Company's
current best judgment and expectations. Actual results could vary from those
presented herein. The risks and uncertainties associated with forward-looking
information in this release include the reduction in cash flows received from
the Company's investments, in particular its CDOs and the Gramercy Realty
portfolio; the ability of the Company’s Gramercy Realty division to renegotiate
the terms of its mortgage and mezzanine loan obligations; compliance with
financial covenants; maintenance of liquidity needs, including balloon debt
payments; the success or failure of the Company’s efforts to implement its
current business strategy; the strength of the commercial finance and real
estate property markets, and the banking industry specifically; competitive
market conditions; unanticipated administrative costs; general and local
economic conditions; interest rates; capital and credit market conditions;
bankruptcies and defaults of borrowers or tenants in the Company's properties or
properties securing the Company's debt investments; the resolution of the
Company's non-performing and sub-performing assets; management changes;
compliance with over-collateralization and interest coverage tests in the
Company's CDOs; and other factors that are beyond the Company's control,
including those listed in the Company's Annual Report on Form 10-K and in the
Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation
to publicly update or revise any of the forward-looking information. For further
information, please refer to the Company's filings with the Securities and
Exchange Commission.