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Based on the terms of the agreement, B&R shall have the option through January 30, 2010, to exchange in full their existing TruPS, which have an aggregate notional value of $70,000,000, for $14,000,000 market value of replacement securities, with such replacement securities to be approved by the collateral manager at its sole discretion. The price of the replacement securities, represents 20% of the principal outstanding under the TruPS. The notional/par value of the replacement securities may be significantly higher or lower than $14,000,000. Subsequent to the exchange, B&R will have no further obligations under the TruPS.
Management is currently exploring options involving a recapitalization of the Company in order to generate the proceeds required to exercise the exchange option as well as provide additional capital required by the Company.
About the Company:
Bresler & Reiner, Inc. engages in the acquisition, development, and ownership of commercial, residential and hospitality real estate in the Philadelphia, Pennsylvania; Washington, DC; Wilmington, Delaware; Baltimore, Maryland; Maryland and Delaware Eastern Shore; Houston, Texas; and the Lakeland and Orlando, Florida, metropolitan areas.
Supplemental Information:
Annual and quarterly financial reports of the company are available at www.breslerandreiner.com or may be requested in e-mail or hard copy formats.
This press release may contain forward-looking statements that are based on current estimates, expectations, forecasts and projections about us, our future performance, the industry in which we operate, our beliefs, and management's assumptions. In addition, other written or oral statements that constitute forward-looking statements may be made by or on behalf of us. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," or "would be," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. These risks and uncertainties include: our ability to compete effectively; our exposure to the credit risks of our tenants; our ability to recruit and retain key personnel; adverse changes in the local or general economy and market conditions; our ability to obtain necessary governmental permits and approvals; our ability to complete development projects in a timely manner and within budget; our ability to secure tenants for our projects and properties; our ability to sustain occupancy levels at our properties through keeping existing tenants and securing new ones; our ability to secure tenants for the residential and commercial properties that we develop; changes in the interest rate environment which will affect our ability to obtain mortgage financing on acceptable terms; future litigation; and changes in environmental health and safety laws.
SOURCE Bresler & Reiner, Inc.
http://www.breslerandreiner.com
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