First Union Successfully Completes Tender Offer.CLEVELAND--(BUSINESS WIRE)--Aug. 13, 1998--First Union Real Estate Investments (NYSE NYSE See: New York Stock Exchange :FUR) today announced that it repurchased approximately $87,000,000 in aggregate principal amount of the Company's $100,000,000 outstanding 8-7/8% Senior Notes due 2003 yesterday pursuant to the Company's previously announced Tender Offer that expired on August 6, 1998. In connection with the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of the Notes, the Company borrowed $90,000,000 from a syndicate led by Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. Company, and which included in equal participations BankBoston, N.A., Blackacre Bridge Capital, Elliott Associates, Gotham Partners and Wellsford Capital. The Company intends to repay this loan from the proceeds of a Rights Offering which the Company will conduct as soon as practicable. To fund the loan, the lenders required standby standby Medtalk adjective Referring to the immediate availability of a certain specialist–anesthesiologist, surgeon, who can be deployed in a medical emergency. Cf Concurrent. purchase commitments under the planned Rights Offering for the amount of the loan. Gotham Partners and Elliott Associates have provided such commitments. Any Rights Offering will be made only by means of a prospectus filed with the Securities and Exchange Commission. First Union Real Estate Investments is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , and traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Certain information contained in this news release is forward-looking and is based on current expectations that are subject to a number of uncertainties and risks. Actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, changes in local real estate conditions and markets, actions by competitors, interest rate movements and general economic conditions. Further information about these matters can be found in the information included in the Annual Report filed by the company with the SEC on Form 10K.
CONTACT: First Union Real Estate Investments
Thomas T. Kmiecik, 216/781-4030
216/781-7467 fax
tkmiecik@firstunion-reit.com
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