WPG - Washington Prime in talks to convert $259.3M of bonds to $175M preferred equity

In connection with talks with some of its debt holders regarding potential strategic or capital markets to improve its capital structure, Washington Prime Group (WPG) discloses a term sheet that contemplates a private exchange offer being made to some eligible holders of Washington Prime Group L.P.'s unsecured bonds.WPG falls 1.0% in after-hours trading.With discussions continuing as of Dec. 15, 2020, WPG hasn't yet reached an agreement with respect to the material terms of such a strategic or capital markets transaction; there can be no assurances that such an agreement will be reached.The term sheet describes converting $259.3M of WPF unsecured bonds into a $175M preferred equity investment.See WPG's long-term debt over the past nine years:Coupon rate for mandatory preferred distributions would be 9.0% per year paid quarterly in arrears. Additional preferred return — PIK rate would be 5.75% per year, compounded quarterly.WPG ended its Q3 with $112M cash on hand and estimated

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Washington Prime in talks to convert $259.3M of bonds to $175M preferred equity