Ramco-Gershenson greenshoe partially exercised, raising convertibles to $53.87 million

Pittsburgh, July 1 - Ramco-Gershenson Properties Trust said the underwriters of its recent offering of series C cumulative convertible perpetual preferred shares of beneficial interest have partially exercised the over-allotment option, raising the size of the deal to 1.89 million shares or $53.865 million.

The Southfield, Mich., shopping center real estate investment trust originally priced $50 million of the securities before the open on May 26 at a 7.95% dividend and an 18.8% initial conversion premium.

Stifel, Nicolaus & Co. Inc. and Lazard Freres & Co. LLC were the bookrunners for the off-the-shelf deal.

Ramco-Gershenson will use proceeds 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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