This excerpt taken from the EQR 8-K filed Dec 10, 2009.
Limited Partnership for its Non-Exchangeable Notes
Chicago, IL December 10, 2009 - Equity Residential (NYSE: EQR) today announced that its operating partnership, ERP Operating Limited Partnership (the Operating Partnership), accepted for purchase the principal amount of its outstanding notes set forth below, which were validly tendered pursuant to its previously announced cash tender offers for each such series of notes (the Non-Exchangeable Notes Offer). The Non-Exchangeable Notes Offer expired at 5:00 p.m., Eastern Standard Time, on December 9, 2009. Payment for notes purchased pursuant to the Non-Exchangeable Notes Offer was made on December 10, 2009. The aggregate principal amount of Non-Exchangeable Notes accepted for purchase was approximately $295.7 million. The aggregate consideration for the Non-Exchangeable Notes accepted for purchase, including accrued and unpaid interest of approximately $5.5 million, was approximately $323.2 million. As a result of the cash tender premium paid by the company in excess of par as well as the non-cash write-off of certain unamortized costs and premiums/discounts related to the Non-Exchangeable Notes, the company will record a charge to earnings and funds from operations (FFO) of approximately $23.2 million in the fourth quarter of 2009.
The Operating Partnerships concurrent offer to purchase any and all of its 3.85% Exchangeable Senior Notes due August 15, 2026 (the Exchangeable Notes Offer) is scheduled to expire at 12:00 midnight, Eastern Standard Time, on December 30, 2009. We refer to the Exchangeable Notes Offer and the Non-Exchangeable Notes Offer as the Offers.
The complete terms and conditions of the Offers are set forth in the Offer to Purchase dated December 2, 2009 and the related Letter of Transmittal. This press release is neither an offer to purchase nor a solicitation to buy any of these notes nor is it a solicitation for acceptance of the Offers.
Citigroup Global Markets Inc. is the Dealer Manager for the Offers. Global Bondholder Services Corporation is the Information Agent.
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 496 properties located in 23 states and the District of Columbia, consisting of 137,489 apartment units. For more information on Equity Residential, please visit our website at www.equityresidential.com.