By Paul A. Harris
St. Louis, Nov. 15 - Ramco-Gershenson Properties Trust announced in a Thursday press release that it has issued $28.1 million fixed-rate to floating-rate junior subordinated notes with a final maturity of January 2038.
The notes bear interest at a 7.87% fixed rate until January 2013, following which the rate floats at a 330 basis point spread to Libor.
KeyBanc Capital Markets acted as adviser on the transaction.
"This financing transaction dovetails with the redemption of our 9.5% series B preferred shares," Dennis Gershenson, president and chief executive officer, stated in the press release.
"In addition to the attractive pricing, junior subordinated notes are not subject to any financial covenants and permit the company to maintain flexibility under our credit facilities."
Ramco-Gershenson Properties Trust, based in Farmington Hills, Mich., is a publicly traded real estate investment trust that owns, develops, acquires, manages and leases community shopping centers, regional malls and single-tenant retail properties nationally.
| Issuer: | Ramco-Gershenson Properties Trust
|
| Amount: | $28.1 million
|
| Final maturity: | January 2038
|
| Security description: | Junior subordinated notes
|
| Adviser: | KeyBanc Capital Markets
|
| Coupon: | 7.87% until January 2013 following which it floats at Libor plus 330 bps
|
| Call protection: | Five years
|
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