Bresler & Reiner Inc., Washington, has announced the completion of a $40 million private placement of 30-year trust preferred securities through a newly created subsidiary, Bresler & Reiner Statutory Trust I.The proceeds of the private placement will be used to repay debt with less favorable terms and provide added liquidity for future investments, the company said. The securities bear interest at 8.37% for the first five years, and thereafter at the three-month London interbank offered rate plus 3.50%. They are redeemable at par beginning in January 2011. Bresler & Reiner, which owns and develops commercial and residential properties, can be found online at http://www.breslerandreiner.com.
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