Any ideas as to the impact or what may lie ahead? 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...