kimco sells convertibile notes to blackstone

Any ideas as to the impact or what may lie ahead? Blackstone have been reasonably active over the past year.

"Kimco Realty Corporation (NYSE: KIM) announced today that it has sold its remaining interest in the Valad convertible notes to an affiliate of Blackstone Real Estate Advisors VI L.P. for A$165 million plus any unpaid accrued interest. Proceeds from this transaction will be used to partially repay the balance on the company?s U.S. revolving credit facility."

http://www.financialpost.com/markets/news/Kimco+Announces+Sale+Valad+Convertible+Notes+Summarizes+2011+Major/4684845/story.html

Also from an earlier article, noticed that Valad paid down some $6m to Kimco:

http://seekingalpha.com/news-article/430473-kimco-realty-corporation-announces-recent-transaction-activity

I presume this is related to:
"a coupon rate of 9.5 percent payable semi-annually and an option to convert them into Valad shares at A$1.33..."

http://www.reuters.com/article/2008/02/05/valad-kimco-idUSSYD13851620080205

The 9.5% probably appears alot more attractive than a $1.33/share (preconsolidation) conversion. Wonder if Valad is considering paying the lot down either through alternative lending or share issue - might be a tad late now that Blackstone has the notes. Never a good thing when the value of the notes is more than the value of the company based on shyare price! Yet again, hats off to our marvellous board - instead of focussing on business issues of this nature, they fight over MBOs and the like...