TNP Announces Successful Exchange Of Debt To Equity
Thompson National Properties is pleased to announce the successful restructure of debt held by over seven hundred accredited investors and its primary bank
COSTA MESA, Calif., Dec. 10. 2014 /PRNewswire/ -- Thompson National Properties, LLC ("TNP") is pleased to announce the successful restructure of debt held by over seven hundred accredited investors and its primary bank.
The note holders exchanged their debt for both preferred and common securities in TNP.
"This exchange completes a significant restructuring and improvement of TNP's balance sheet," says Tim O'Brien, EVP and TNP equity owner. O'Brien further states, "TNP can now acquire new management contracts, reduce interest expense, and attract capital for new acquisitions."
"TNP's employees, partners and I greatly appreciate the efforts of our new preferred and common owners, their advisors and broker dealers whose support made this possible. TNP is now able to devote all of our resources and energy to successfully executing our business plan," remarks Tony Thompson, CEO.
Headquartered in Costa Mesa, California, TNP was founded in April 2008 and has three regional offices. TNP manages a portfolio of over 74 commercial properties in 14 states, totaling approximately 9 million sq. ft., on behalf of over 5,000 investors.
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SOURCE Thompson National Properties
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