SL Green moves to buy $250M in debt

SL Green Realty is angling to buy back as much as $250 million by issuing bonds in an effort to consolidate its assets. The company hopes to raise capital through a tender offer, set to expire April 7 this year, through which it will issue debt bonds, issued by partner company SL Green Operating Partnership. “This is prudent and further strengthens SL Green’s liquidity position by effectively extending maturities,” Michael Knott, an analyst with Green Street Advisors, told Crain’s. “While the company’s overall leverage remains on the high side relative to some key peers, that is not impacting SL Green’s ability to run its business and make investments.” TRD