Hypo Real Estate Capital Corporation Announces Successful Completion by its Subsidiary of Tender Offer for Common Stock of Quadr
14 March 2008 - 12:19AM
PR Newswire (US)
NEW YORK, March 13 /PRNewswire/ -- Hypo Real Estate Capital
Corporation ("HRECC") today announced the successful completion of
the cash tender offer by its wholly-owned subsidiary, HRECC Sub
Inc. ("MergerSub"), for any and all of the outstanding shares of
common stock of Quadra Realty Trust, Inc. (NYSE:QRR) ("Quadra") not
already owned by HRECC and its affiliates at a purchase price of
$10.6506 per share in cash (without interest and less applicable
withholding taxes). Quadra did not declare a dividend to the extent
of its taxable income for the period beginning January 1, 2008 and
ending as of yesterday's close of business, so there will not be
any reduction in the $10.6506 per share in cash to be paid for
tendered shares. Quadra's previously declared and announced $0.3494
per share dividend will be promptly paid to Quadra's stockholders
of record as of the close of business on March 12, 2008. The
depositary for the offer has advised HRECC and MergerSub that, as
of the expiration of the offer on March 12, 2008, stockholders of
Quadra had tendered and not withdrawn 15,981,016 shares of Quadra
common stock (including 1,448,475 shares delivered pursuant to
notices of guaranteed delivery), which represents approximately
95.2% of the outstanding shares of Quadra common stock excluding
shares already owned by HRECC and its affiliates and, when combined
with the Quadra common stock already owned by HRECC and its
affiliates, will result in HRECC and its affiliates owning
approximately 96.8% of Quadra's outstanding common stock. MergerSub
has accepted for payment all shares of Quadra common stock that
were validly tendered and not properly withdrawn and will make
payment to the depositary for the accepted shares promptly. As
provided in the merger agreement by and among HRECC, MergerSub and
Quadra, the parties intend to complete the merger of MergerSub with
and into Quadra as soon as practicable under applicable Maryland
law without a vote of Quadra's stockholders. In the merger,
Quadra's stockholders who did not tender their shares in response
to the offer will receive the same $10.6506 per share in cash to be
paid in the offer (without interest and less applicable withholding
taxes). Stockholders will receive relevant information in the mail
on how to receive payment for their shares. About Hypo Real Estate
Capital Corporation New York based Hypo Real Estate Capital
Corporation ("HRECC"), a subsidiary of Hypo Real Estate Bank
International AG, is one of the largest foreign owned commercial
real estate lenders in the United States. HRECC provides a full
range of services that combine unparalleled real estate and local
market knowledge with capital markets expertise. It provides a
single source of capital solutions for the real estate industry
including balance sheet, CMBS, and subordinate debt lending on all
asset classes across the U.S. For more information about the Hypo
Real Estate Group, please visit its website at
http://www.hyporealestate.com/ . About Quadra Realty Trust, Inc.
Quadra Realty Trust, Inc. is a commercial real estate finance
company headquartered in New York, and was formed primarily to
invest in commercial mortgage investments and related products.
Quadra invests in a diversified portfolio of commercial mortgage
investments and related projects and is externally managed by
HRECC. A substantial portion of the loans in Quadra's portfolio was
syndicated by HRECC and HRECC continues to maintain a significant
interest in these assets on its balance sheet. Quadra's portfolio
is comprised of participations in loans that are backed by real
estate assets located primarily in coastal US markets, as well as
premier inland markets, including Phoenix, AZ and Las Vegas, NV.
Quadra's portfolio is diversified across property sectors:
condominium, multifamily, retail, hotel, office, and other. All of
the investment assets in the Quadra portfolio are performing loans.
Quadra's portfolio does not contain any CDOs or structured finance
securities. For more information about Quadra, please visit its
website at http://www.quadrarealty.com/ . Forward-Looking
Statements Certain statements in this press release may constitute
forward-looking statements. These forward-looking statements appear
throughout the release and include statements regarding the intent,
belief or current expectations of HRECC or MergerSub, including
statements concerning the plans of HRECC or MergerSub with respect
to the acquisition of Quadra's common stock and the payment by
Quadra of the $0.3494 per share dividend. These statements are not
historical facts, but instead represent only the beliefs of HRECC
and MergerSub regarding future events, many of which, by their
nature, are inherently uncertain and outside of their control. Such
forward-looking statements are not guarantees of future performance
or events and involve risks and uncertainties. Actual results may
differ materially from those described in such forward-looking
statements as a result of various factors. Many of the factors that
will determine the outcome of the subject matter of this press
release are beyond the ability of HRECC and MergerSub to control or
predict. Additional information regarding risk factors and
uncertainties affecting Quadra is detailed from time to time in
Quadra's filings with the SEC, including, but not limited to,
Quadra's most recent Quarterly Report on Form 10-Q, available for
viewing on Quadra's website at http://www.quadrarealty.com/ . (To
access this information on Quadra's website, please click on
"Investor Relations", "SEC Filings".) You should not place undue
reliance on any forward-looking statements contained in this press
release. HRECC and MergerSub can give no assurance that the
expectations of any forward-looking statement will be obtained.
Such forward-looking statements speak only as of the date of this
press release. HRECC and MergerSub expressly disclaim any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in their expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based.
Additional Information and Where to Find it Investors and Quadra
stockholders who have questions about the tender offer or the
merger may call Georgeson Inc., the Information Agent, toll free at
+1 (866) 873-6981. Banks and brokers can call collect at +1 (212)
440-9800. Media inquiries related to the Hypo Real Estate Group may
be directed to Oliver Gruss by phone at +49 (0)89 203007 781, by
fax at +49 (0)89 203007 772 or by email at . DATASOURCE: Hypo Real
Estate Capital Corporation CONTACT: Oliver Gruss of Hypo Real
Estate Group, +49(0)89-203007-781, Fax, +49(0)89-203007-772, Web
site: http://www.hyporealestate.com/ http://www.quadrarealty.com/
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