Ramco-Gershenson sells $50 million convertible preferreds

New York, May 26 - Ramco-Gershenson Properties Trust said it is offering $50 million of series C cumulative convertible preferred shares.

The preferreds pay a 7.95% dividend and convert at a price of $28.50 per share. Ramco-Gershenson stock closed at $23.99 Tuesday.

The offering is made up of 1.755 million shares priced at $28.50 per share. There is a greenshoe of 263,250 shares, or $7.5 million.

Stifel, Nicolaus & Co. Inc. is lead manager for the off-the-shelf deal. Lazard Freres & Co. LLC, KeyBanc Capital Markets and RBC Dain Rauscher Inc. are also in the syndicate.

The Southfield, Mich., shopping center real estate investment trust will use proceeds initially to repay borrowings on its revolving credit facility and for short-term investments and then to acquire or develop additional shopping centers and expand or renovate existing centers.

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