MIAMI BEACH, Fla., June 9 /PRNewswire/ -- LNR Property Corp. ("LNR" or the "Company") today announced that it is actively pursuing a comprehensive recapitalization (the "Recapitalization"). As part of the Recapitalization and subject to certain terms and conditions, existing shareholders, and existing Holding Company ("Holdco") note holders, would participate in a $400 million Equity Rights Offering (the "Rights Offering") with select holders backstopping that Rights Offering. Additionally, the Company has engaged Goldman Sachs and Bank of America Merrill Lynch as Arrangers for a $445 million First Lien Senior Secured Term Loan ("New Term Loan"). The proceeds of the Rights Offering and the New Term Loan, in addition to cash on hand will be used to refinance its existing $868 million Senior Secured Term Loan and cancel its $150 million Revolver ("Existing Facilities") and pay transaction fees and expenses. As part of the Recapitalization and a condition to closing, the Company's existing $420 million Holdco Notes will be converted to equity.
Contact: LNR Media Line (305) 695-5426
SOURCE LNR Property Corp.