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| David J. LaRue |
CLEVELAND, OH, Feb. 26, 2013 /PRNewswire/ -- Forest City
Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that it has provided
notices of its intention to redeem all outstanding shares of its Series A
Cumulative Perpetual Convertible Preferred Stock (the "Preferred
Stock"), and all outstanding 7.625 percent Senior Notes due 2015 (the
"Notes").
Approximately 209,877 shares of Preferred Stock, or $10.5
million aggregate liquidation preference, are currently outstanding, and
approximately $53.3 million aggregate principal amount of the Notes are
currently outstanding. Redemption of the outstanding securities will reduce
annualized fixed charges, in the form of interest expense and dividend
payments, by approximately $4.8 million.
"These transactions are another example of our ongoing
focus on strengthening our balance sheet and building a strong, sustaining
capital structure," said David J. LaRue, Forest City president and
chief executive officer.
"We are committed to continuing to improve our debt
metrics, while also pursuing operational excellence and selectively investing
in new development opportunities, primarily through existing entitlement in our
core markets."
For a complete copy of the company’s news release, please
contact:
Robert O'Brien,
Executive Vice President and
Chief Financial Officer,
+1-216-621-6060, or
Jeff Linton,
Senior Vice President
Corporate Communication,
+1-216-621-6060
Web Site:
http://www.forestcity.net
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