The offer is currently set to expire at midnight ET on Sept. 24, although Colony has reserved the right to extend the offer or end it early.
The real estate investor had already repurchased $289 million of the 3.875% notes in the second quarter. Funds for that deal were raised in a private placement in July, when Colony sold $300 million worth of 5.75% exchangeable senior unsecured notes due July 2025.
Colony Capital has been hammered by the Covid-19 pandemic. The company, which has been on relatively shaky financial ground for years, suspended its monthly dividend in April and reported a net loss of $2 billion in the second quarter of 2020.
The current repurchase offer is likely a bid to shed near-term debt and extend Colony’s financial lifeline beyond Covid.