LNR Property Corp., Miami Beach, Fla., has announced the completion of a private placement of $350 million of 7 5/8% senior subordinated notes due 2013 to institutional investors.LNR said it expects to use approximately $216 million of the proceeds to redeem its 9 3/8% senior subordinated notes due 2008 at a price equal to 104.688% of their principal amount plus accrued interest of approximately $7 million. The remainder of the proceeds will be used to reduce senior debt and for general corporate purposes. LNR, a real estate investment, finance, and management company, can be found online at http://www.lnrproperty.com.
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