$50M of securities sold.Capital Trust, Inc. has sold $50 million of Trust Preferred Securities through its consolidated statutory trust subsidiary, CT Preferred Trust I. The subsidiary's assets consist solely of $51,550,000 of junior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. issued by Capital Trust with terms that mirror the Trust Preferred Securities. The Trust Preferred Securities have a 30-year term ending April 2036, are redeemable Redeemable Eligible for redemption under the terms of an indenture. at par on or after April 30, 2011 and pay distributions at a fixed rate of 7.45% (7.53% including the amortization of fees and expenses) for the first ten years ending April 2016 and thereafter, at a floating rate of three month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.65% (LIBOR plus 2.73% including the amortization of fees and expenses). Proceeds from the issuance will be used to fund future investment activity. |
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