NASHVILLE, Tenn., Feb. 17, 2011 /PRNewswire/ -- Healthcare Realty Trust Incorporated today announced that it intends to redeem all of its outstanding 8.125% Senior Notes due May 1, 2011 (the "Notes") in accordance with the terms of the indenture governing the Notes. The Company will use cash on hand and its unsecured credit facility to fund the redemption and expects to record a one-time charge in the first quarter of 2011 of approximately $1.9 million for early extinguishment of debt. This charge is approximately equal to the interest that would otherwise have been paid for April. As a result of the redemption, all interest expense for 2011 related to the Notes will be recognized in the first quarter of 2011.
The Company will redeem all of the Notes on March 28, 2011 (the "Redemption Date") at a redemption price equal to an aggregate of $289.4 million, consisting of: a) $278.2 million in outstanding principal; b) $9.3 million in interest accrued but not yet paid as of the Redemption Date; and c) a "make-whole amount" of $1.9 million in accordance with the indenture.
The redemption price for the Notes and accrued interest will become due and payable on the Redemption Date. Following that date, interest will cease to accrue and be payable and the Notes will be cancelled. Payment of the redemption price will be made only upon presentation and surrender of the Notes in the manner specified in the notice of redemption, which is being provided to registered holders of the Notes by Regions Bank, as trustee for the Notes. Copies of the applicable notice of redemption for the Notes may be obtained from Regions Bank by calling its Corporate Trust Department at (615) 770-4354.
Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. The Company had investments of approximately $2.4 billion in 209 real estate properties and mortgages as of September 30, 2010, excluding assets classified as held for sale and including an investment in one unconsolidated joint venture. The Company's 202 owned real estate properties, excluding assets classified as held for sale, are comprised of six facility types, located in 28 states, totaling approximately 13.0 million square feet. The Company provides property management services to approximately 9.0 million square feet nationwide.
In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust, including its Annual Report on Form 10-K for the year ended December 31, 2009 under the heading "Risk Factors." and as updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.
http://www.healthcarerealty.com/
Healthcare Realty Trust Incorporated
CONTACT: Gabrielle M. Andres, Corporate Communications, +1-615-269-8175
Web Site: http://www.healthcarerealty.com/
