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Taubman Centers announces $113 million private placement of preferred shares
By Paul A. Harris
St. Louis, April 18 - Taubman Centers, Inc. issued a $113 million private placement of series I preferred stock, according to company news release.
The shares will pay a floating-rate dividend at three-month Libor plus 125 basis points and will be redeemable at any time. If the issue is not redeemed within 60 days after the closing date, the spread over Libor steps up to 300 basis points, which will be further increased on a month-to-month basis after 180 days.
Proceeds from the placement will be used to fund the mandatory redemption of all of the company's remaining 8.3% series A cumulative redeemable preferred stock on May 18, 2006. The shares will be redeemed at a price of $25 per share, plus $0.2709028 in accrued and unpaid dividends for a total redemption price of $25.2709028 per share.
The company currently has $113 million or 4.52 million shares of its series A preferred stock outstanding.
Taubman Centers is a real estate investment trust that owns, develops, acquires and operates urban and suburban shopping centers from coast to coast. The company has headquarters in Bloomfield Hills, Mich.
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