CTO Realty Growth Announces Partial Extinguishment of 3.875% Convertible Senior Notes
Vinson & Elkins represented CTO Realty Growth, Inc. (the “Company”) in completing separate, privately negotiated transactions with holders of $35,208,000 in aggregate principal amount of the Company’s 3.875% Convertible Senior Notes due 2025 (the “Notes”), in which the holders exchanged their Notes for an aggregate of 1,089,555 shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”), and aggregate cash payments totaling approximately $29 million.
The Notes received by the Company were retired. The exchanges of shares of Common Stock for the Notes were made pursuant to the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
The Vinson & Elkins team was led by partner Zach Swartz with assistance from associates Selena Govan and Bekah Briggs.
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