Local money manager fights REIT on preferred buyback
Posted on November 9, 2009 at 10:07 amNashville investment vehicle Southern Strategic Partners says it and other holders of Newcastle Investment Corp. preferred stock aren’t getting a fair deal in the real estate investment trust’s $150 million repurchase plan. Newcastle (Ticker: NCT) has been posting some pretty ugly results of late and is looking to restructure its balance sheet.
“While we could be supportive of a restructuring of Newcastle, we cannot support the current proposal because it fails to recognize the preferred stock’s priority position in the capital structure and does not offer preferred stockholders common stock or warrants to purchase common stock as part of the tender.”
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The cost of Gaylord’s extinguishment
Posted on at 8:27 am
In its newly filed 10-Q, the hotel and convention center operator says it will take a $6 million charge during the fourth quarter on the buyback of $260 million of debt due in 2013. Earlier this year, the company (Ticker: GET) booked a $25 million gain on another buyback.
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Noranda buys back more debt
Posted on November 6, 2009 at 2:11 pmThird-quarter losses at Franklin-based Noranda Aluminum hit the middle of its previously projected range, coming in at $4.3 million. The company also bought back more than $80 million in debt during the quarter, pushing its year-to-date total in that deparment to almost $300 million.
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LP buys back chunk of debt
Posted on November 4, 2009 at 8:25 amIn its quarterly filing with the SEC, Louisiana-Pacific says it spent $113 million late last month to buy back more than a third of its debt series due in 2017. The company (Ticker: LPX) will take a $21 million charge this quarter to account for the deal.
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Gaylord finds some willing sellers
Posted on October 8, 2009 at 9:50 amBondholders of the Nashville-based hotel and convention operator have submitted for redemption more than $200 million of debt due in 2013.
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