SL Green Realty Corp (NYSE:SLG) has announced the sale of 7.75% of its senior unsecured notes due March 15, 2010. The notes were priced at $250 million. Net proceeds from the sale are anticipated to reach $246.4 million. The estimated price is after underwriting discounts and commissions, in addition to the company’s estimated fees and expenses. The offering is expected to close on March 16, 2010. The proceeds will be used to fund the company’s tender offer for certain outstanding notes of Reckson and SL Green OP. The remaining proceeds will be used for general corporate purposes and working capital purposes.
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SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions, financing, development, construction and leasing. The Company operates under two segments: real estate and structured finance investments. As of December 31, 2009, the Company owned interests in commercial office properties in the New York Metro area, primarily in midtown Manhattan. Its investments in the New York Metro area also include investments in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, known as the Suburban properties.
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