CTO Realty Growth, Inc. announced on April 3, 2025, that it entered into privately negotiated exchange agreements with certain holders of its 3.875% Convertible Senior Notes due April 15, 2025. The company exchanged $35.2 million aggregate principal amount of these notes.
The exchange involved issuing 1,089,555 newly issued shares of its common stock and providing $29.0 million in cash, which included $0.6 million representing accrued interest. Following these transactions, CTO has 32,936,967 common shares outstanding.
After this partial extinguishment, $15.8 million aggregate principal amount of the Notes remains outstanding and is scheduled for cash settlement on the maturity date of April 15, 2025. The company estimates this final cash settlement to be approximately $22 million.
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