Calls $100 Million 7.625% Series L Preferred Shares for Redemption
CHICAGO, May 20 /PRNewswire-FirstCall/ -- Equity Residential (NYSE: EQR)
announced today that it has priced the offering of $150 million or six million
depositary shares, each representing a one-tenth fractional interest in a
share of the Company's 6.48% Series N Cumulative Redeemable Preferred Shares.
The depositary shares have a $25.00 liquidation value, provide a 6.48% annual
cumulative dividend, are not convertible and are redeemable at the option of
the Company on and after June 19, 2008. Subject to customary closing
conditions, the new depositary shares will be issued on June 19, 2003 and the
first dividend, for the period from June 19 through October 15, in the amount
of $0.522 per share will be made on October 15, 2003 to holders of record on
September 19, 2003. Future quarterly dividends will be in the amount of
$0.405 per depositary share.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010801/ERPTCLOGO )
In addition, the Company announced that it has called for redemption all
$100 million of its 7.625% Series L Cumulative Redeemable Preferred Shares of
Beneficial Interest. The Series L Preferred Shares will be redeemed at a
price of $25.00 per share, plus $0.4183159 in accrued and unpaid dividends,
for an aggregate redemption price of $25.4183159 per share.
The Series L redemption date will be June 19, 2003. From the redemption
date forward, dividends will no longer accrue and holders will have no rights
other than the right to receive the redemption price, without interest, upon
surrender of the Series L Preferred Shares. Payment of the redemption price
will be made only upon presentation and surrender of certificates representing
the Series L Preferred Shares to EquiServe Trust Company, the transfer agent
for the Preferred Shares, during its usual business hours at the addresses
specified in the Notice of Redemption.
The Notice of Redemption and related materials will be mailed to holders
of the Series L Preferred Shares on May 20, 2003. Questions relating to the
Notice of Redemption and related materials should be directed to EquiServe
Trust Company, the redemption agent, telephone number (800) 733-5001.
Merrill Lynch & Co. acted as the sole lead manager and Citigroup Global
Markets, Morgan Stanley and Wachovia acted as senior co-managers of the Series
N Preferred Share offering. This communication shall not constitute an offer
to sell or a solicitation of any offer to buy any of these securities in any
state or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or other jurisdiction. A copy of the prospectus relating to
these securities may be obtained when available by contacting Merrill Lynch &
Co. at: Merrill Lynch Syndicate Desk, 4 World Financial Center, 9th Floor, New
York, New York 10080 or (212) 449-1000.
Equity Residential is the largest publicly traded apartment company in
America. Nationwide, Equity Residential owns or has investments in 1,027
properties in 36 states consisting of 221,249 units. For more information on
Equity Residential, please visit our website at www.equityapartments.com .
Forward-Looking Statements
This press release contains forward-looking statements concerning the
Company's offering of its Series N depositary shares. The closing of such
offering is dependent upon the satisfaction of customary closing conditions,
including, without limitation, general economic and geopolitical conditions
which are beyond the Company's control.
SOURCE Equity Residential
-0- 05/20/2003
/CONTACT: Marty McKenna of Equity Residential, +1-312-928-1901/
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010801/ERPTCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840/
/Web site: http://www.equityapartments.com /
(EQR)
CO: Equity Residential; Merrill Lynch & Co.
ST: Illinois
IN: FIN RLT
SU: OFR
LC-CM
-- CGTU057 --
0316 05/20/200318:14 EDThttp://www.prnewswire.com