New York, May 27 - Ramco-Gershenson Properties Trust priced $50 million of series C cumulative perpetual convertible preferred shares with a 7.95% dividend and an 18.8% initial conversion premium.
Stifel, Nicolaus & Co. Inc. and Lazard Freres & Co. LLC were joint bookrunners for the off-the-shelf deal. KeyBanc Capital Markets and RBC Dain Rauscher Inc. were also in the syndicate.
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.
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.
| Issuer: | Ramco-Gershenson Properties Trust
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| Issue: | Series C cumulative perpetual convertible preferred shares
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| Amount: | $50 million (1.755 million shares)
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| Greenshoe: | $7.5 million (263,250 shares)
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| Maturity: | Perpetual
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| Dividend: | 7.95%
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| Price: | Par of $28.50
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| Initial conversion premium: | 18.8%
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| Conversion price: | $28.50
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| Conversion ratio: | 1
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| Call: | 3 years onwards
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| Provisional call: | 2 years onwards subject to 125% trigger
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| Bookrunners: | Stifel, Nicolaus & Co. Inc. and Lazard Freres & Co. LLC
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| Pricing date: | May 26, before the open
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| Settlement date: | June 2
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| Note: The Prospect News Convertibles Daily for May 27 incorrectly described Lazard Freres' role in the offering. It was a joint bookrunner.
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