CTO Realty Growth Announces Partial Extinguishment of 3.875% Convertible Senior Notes

CTO Realty Growth Announces Partial Extinguishment of 3.875% Convertible Senior Notes

Benzinga
April 3, 2025

WINTER PARK, Fla., April 03, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") announced today that the Company entered into privately negotiated exchange agreements with certain holders of its 3.875% Convertible Senior Notes due April 15, 2025 (the "Notes"). Prior to the exchange agreements, the Notes had an aggregate principal amount of $51.0 million, representing approximately 3.8 million underlying shares based on the current conversion ratio of 73.8112 shares of CTO common stock per $1,000 principal amount of the Notes.

In accordance with the terms of the exchange agreements, the Company exchanged $35.2 million aggregate principal amount of the Notes for 1,089,555 of newly issued shares of its common stock and $29.0 million in cash, including $0.6 million representing accrued interest. Including these common shares, CTO has 32,936,967 common shares outstanding as of April 3, 2025.

After the closing of these exchange agreements, $15.8 million aggregate principal amount of the Notes remains outstanding and is scheduled to be settled in cash on the maturity date of April 15, 2025. The Company estimates the cash settlement for the remaining principal amount of the Notes to be approximately $22 million. However, the final settlement amount will be computed based on the conversion ratio and volume weighted average price of CTO's common stock over the settlement period, as defined in the indenture related to the Notes, and may differ from this estimate.

The exchanges are being made pursuant to an exemption from registration provided in Section 4(a)(2) of the ...

https://www.benzinga.com/pressreleases/25/04/g44635437/cto-realty-growth-announces-partial-extinguishment-of-3-875-convertible-senior-notes

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