Filed Pursuant to Rule 433
Registration Statement No. 333-163914
SL Green Realty Corp.
SL Green Operating Partnership, L.P.
Reckson Operating Partnership, L.P.
$250,000,000 5.000% Senior Notes due 2018
Pricing Term Sheet
August 2, 2011
Co-Obligors: |
| SL Green Realty Corp. |
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| SL Green Operating Partnership, L.P. |
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| Reckson Operating Partnership, L.P. |
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Expected Ratings (Moody’s/ S&P/ Fitch)*: |
| Ba1 (stable) / BBB- (stable) / BB+ (stable) |
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Security Type: |
| Senior Unsecured Notes |
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Principal Amount Offered: |
| $250,000,000 |
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Trade Date: |
| August 2, 2011 |
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Settlement Date: |
| August 5, 2011 (T+3) |
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Maturity Date: |
| August 15, 2018 |
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Interest Payment Dates: |
| Semi-annually on February 15 and August 15 of each year, beginning on February 15, 2012 |
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Benchmark Treasury: |
| 2.25% due July 31, 2018 |
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Benchmark Treasury Yield: |
| 1.931% |
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Spread to Benchmark Treasury: |
| +310 bps |
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Coupon (per annum): |
| 5.000% |
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Public Offering Price: |
| 99.817% |
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Underwriting Discount: |
| 1.000% |
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Re-offer Yield: |
| 5.031% |
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Optional Redemption: |
| Make-whole call at any time prior to June 15, 2018, at the Treasury Rate plus 50 basis points; |
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| On or after June 15, 2018 (60 days prior to the maturity date), the redemption price for the notes will equal 100% of the principal amount of the notes |
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Day Count Convention: |
| 30/360 |
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Denominations: |
| $2,000 and integral multiples of $1,000 in excess thereof |
CUSIP/ISIN: |
| 75625AAC8 / US75625AAC80 |
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Joint Book-Running Managers: |
| Wells Fargo Securities, LLC |
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| Merrill Lynch, Pierce, Fenner & Smith |
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| Incorporated |
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| Morgan Stanley & Co. LLC |
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| Goldman, Sachs & Co. |
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| J.P. Morgan Securities LLC |
* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The Co-Obligors have filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement for this offering, the Co-Obligors’ prospectus in that registration statement and any other documents the Co-Obligors have filed with the SEC for more complete information about the Co-Obligors and this offering. You may get these documents for free by searching the SEC online data base (EDGAR) on the SEC web site at http://www.sec.gov. Alternatively, the Co-Obligors, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling Wells Fargo Securities, LLC toll-free at 1-800-326-5897, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or Morgan Stanley & Co. LLC toll free at 1-866-718-1649.
This pricing term sheet supplements the preliminary prospectus supplement issued by the Co-Obligors on August 2, 2011 relating to its prospectus dated June 17, 2011.
