Corporate Office Properties Trust Announces Pricing of Tender Offer for 2024 Senior Notes
March 10, 2021 at 04:16 pm EST
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Corporate Office Properties Trust announced that its operating partnership, Corporate Office Properties, L.P. (the “Issuer” or “COPLP’), has priced the previously announced cash tender offer for any and all of the Issuer’s outstanding 5.250% Senior Notes due 2024, CUSIP No. 22003B AH9, fully and unconditionally guaranteed by COPT (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated March 3, 2021 (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer is referred to herein as the “Offer.” The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.” Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration (as defined below). In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) for the Notes. The Issuer expects the Settlement Date to occur on March 11, 2021. Notes tendered by Notice of Guaranteed Delivery and accepted for purchase will be purchased on the third business day after the Expiration Time, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date. The Offer will expire on March 10, 2021 at 5:00 p.m., New York City time, unless extended or earlier terminated as described in the Offer Documents (such time and date, as it may be extended, the “Expiration Time”). Holders must validly tender their Notes, by following the procedures described in the Offer to Purchase, at or prior to the Expiration Time and not validly withdraw their Notes to be eligible to receive the Tender Offer Consideration and accrued and unpaid interest, if any, as described in the Offer Documents. The Issuer’s obligation to accept for purchase and to pay for Notes validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in the Issuer’s discretion, of certain conditions, which are more fully described in the Offer Documents. The complete terms and conditions of the Offer are set forth in the Offer Documents. Holders of the Notes are urged to read the Offer Documents carefully.
COPT Defense Properties is a fully integrated and self-managed real estate investment trust (REIT). It is focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key United States Government (USG) defense installations and missions (referred to as its Defense/IT Portfolio). Its tenants include the USG and their defense contractors, who are engaged in priority national security activities, and who require mission-critical and high security property enhancements. Its Defense/IT Portfolio segment consists of approximately 193 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.0 million square feet. Its Defense/IT Portfolio sub-segments includes Fort George G. Meade and the Baltimore/Washington Corridor; Northern Virginia Defense/IT Locations; Lackland Air Force Base in San Antonio, Texas; locations serving the U.S. Navy; Redstone Arsenal in Huntsville, Alabama, and data center shells in Northern Virginia.