Attached files
file | filename |
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8-K - FORM 8-K - FOREST CITY ENTERPRISES INC | l42617e8vk.htm |
EX-10.1 - EX-10.1 - FOREST CITY ENTERPRISES INC | l42617exv10w1.htm |
Exhibit 99.1
AT THE COMPANY
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ON THE WEB | |
Robert OBrien
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www.forestcity.net | |
Executive Vice President Chief Financial Officer |
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216-621-6060 |
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Jeff Linton |
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Vice President Corporate Communication |
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216-621-6060 |
FOR IMMEDIATE RELEASE
Forest City Announces Exchange of $40.0 million of
Convertible Senior Notes for Common Stock
Convertible Senior Notes for Common Stock
CLEVELAND,
Ohio May 5, 2011 Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today
announced that it has entered into separate, privately negotiated exchange agreements whereby it
will exchange $40.0 million aggregate principal amount of its 5.00% Convertible Senior Notes due
2016 (the Notes) for a total of approximately 3,444,296 shares of its Class A common stock, including 568,720
shares as inducement, plus a cash payment in lieu of fractional shares and for accrued and unpaid
interest.
The exchange transactions reflect the companys continuing focus on reducing overall leverage and
improving its balance sheet. After the exchanges, $50.0 million of the Notes remain outstanding.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 billion in
total assets. The Company is principally engaged in the ownership, development, management and
acquisition of commercial and residential real estate and land throughout the United States. For
more information, visit http://www.forestcity.net.