Anthracite Capital, Inc. (NYSE: AHR) (the �Company� or
�Anthracite�) today announced that it has restructured a
significant portion of its trust preferred securities and junior
subordinated notes.
Pursuant to an exchange agreement with certain holders of $135
million in trust preferred securities and the Company�s �50 million
junior subordinated notes, the Company issued $168.75 million and
�62.5 million principal amount of new junior subordinated notes in
exchange for those securities. The exchanges closed on May 29,
2009.
The new notes bear a fixed interest rate of 0.75% per year until
the earlier of May 29, 2013 and the date on which the Company�s
senior secured credit facilities with Bank of America, Deutsche
Bank and Morgan Stanley have all been paid in full (the
�Modification Period�). The interest rate during the Modification
Period is significantly lower than the interest rates on the
securities for which the new notes were exchanged. The interest
rates on those securities were, as of the date of the exchanges,
7.50%, 7.73% and 7.77% per year on the trust preferred securities
and EURIBOR plus 2.60% per year on the junior subordinated notes.
After the Modification Period, the new notes bear interest at the
same rates as the securities for which they were exchanged. The new
notes are contractually senior to the Company�s remaining junior
subordinated notes. The new notes otherwise generally have the same
terms, including maturity dates and capital structure priority, as
the securities for which they were exchanged.
The coupons that were due on April 30, 2009 on certain of the
securities being exchanged were satisfied by payments at the new
lower rate of 0.75% per year on the increased principal
amounts.
Anthracite also paid $2.0 million to cover third-party fees and
costs incurred in connection with the exchanges.
The Company estimates that these exchanges will result in cash
savings of over $10 million and �2.5 million per year during the
period that the lower coupons are in effect. The Company intends to
use cash from these savings for general corporate purposes and to
reduce indebtedness under its senior secured credit facilities.
Convertible Senior Notes Exchange
On May 27, 2009, in a privately negotiated exchange transaction
with a holder of Anthracite�s 11.75% Convertible Senior Notes due
2027, the Company issued 850,000 shares of common stock in exchange
for $4 million principal amount of the notes.
Interest Payments
Anthracite also announced that on May 29, 2009 it made certain
interest payments due April 30, 2009 under certain of its unsecured
debt that had previously been withheld, which debt was not part of
the above described exchanges.
About Anthracite
Anthracite Capital, Inc. is a specialty finance company focused
on investments in high yield commercial real estate loans and
related securities. Anthracite is externally managed by BlackRock
Financial Management, Inc., which is a subsidiary of BlackRock,
Inc. (�BlackRock�) (NYSE:BLK), one of the largest publicly traded
investment management firms in the United States with approximately
$1.283 trillion in global assets under management at March 31,
2009.
BlackRock Realty Advisors, Inc., another subsidiary of
BlackRock, provides real estate equity and other real
estate-related products and services in a variety of strategies to
meet the needs of institutional investors.
Forward-Looking Statements
This release, and other statements that Anthracite may make, may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, with respect to
Anthracite�s future financial or business performance, strategies
or expectations. Forward-looking statements are typically
identified by words or phrases such as �trend,� �potential,�
�opportunity,� �pipeline,� �believe,� �comfortable,� �expect,�
�anticipate,� �current,� �intention,� �estimate,� �position,�
�assume,� �outlook,� �continue,� �remain,� �maintain,� �sustain,�
�seek,� �achieve,� and similar expressions, or future or
conditional verbs such as �will,� �would,� �should,� �could,� �may�
or similar expressions.
Anthracite cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and Anthracite assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
In addition to factors previously disclosed in Anthracite�s SEC
reports and those identified elsewhere in this release, the
following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical
performance: (1) the introduction, withdrawal, success and timing
of business initiatives and strategies; (2) changes in political,
economic or industry conditions, the interest rate environment
financial and capital markets or otherwise, which could result in
changes in the value of the Company�s assets and liabilities,
including net realized and unrealized gains or losses, and could
adversely affect the Company�s operating results; (3) the amount
and timing of any future margin calls and their impact on the
Company�s financial condition and liquidity; (4) the Company�s
ability to meet its liquidity requirements to continue to fund its
business operations, including its ability to renew its existing
facilities or obtain replacement financing, to meet margin calls
and amortization payments under the facilities, to service debt and
to pay dividends on its capital stock; (5) the Company�s ability to
obtain amendments and waivers in the event that a lender terminates
a facility before the maturity date or debt obligations are
accelerated due to a covenant breach or otherwise; (6) the relative
and absolute investment performance and operations of BlackRock
Financial Management, Inc. (the �Manager�), the Company�s manager;
(7) the impact of increased competition; (8) the impact of future
acquisitions or divestitures; (9) the unfavorable resolution of
legal proceedings; (10) the impact of legislative and regulatory
actions and reforms and regulatory, supervisory or enforcement
actions of government agencies relating to the Company or the
Manager; (11) terrorist activities and international hostilities,
which may adversely affect the general economy, domestic and global
financial and capital markets, specific industries, and the
Company; (12) the ability of the Manager to attract and retain
highly talented professionals; (13) fluctuations in foreign
currency exchange rates; (14) the impact of changes to tax
legislation and, generally, the tax position of the Company; and
(15) as a result of its liquidity position, current market
conditions and the uncertainty relating to the outcome of its
ongoing negotiations with its lenders, there is substantial doubt
about the Company�s ability to continue as a going concern.
Anthracite�s Annual Report on Form 10-K for the year ended
December 31, 2008 and Anthracite�s subsequent filings with the SEC,
accessible on the SEC�s website at www.sec.gov, identify additional
factors that can affect forward-looking statements.
To learn more about Anthracite, visit our website at
www.anthracitecapital.com. The information contained on the
Company�s website is not a part of this release.
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