By Rebecca Melvin
New York, April 27 - Ramco-Gershenson Properties Trust priced an additional $20 million of 7.25% cumulative convertible perpetual preferred shares Wednesday in a reopening of an $80 million issue of the same preferreds that priced March 31, according to a syndicate source.
"This is just 400,000 additional shares in a reopening," the syndicate source said.
Joint bookrunners were Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, with KeyBanc Capital Markets Inc. and Stifel, Nicolaus & Co. Inc. acting as the lead managers, and Comerica Securities Inc., PNC Capital Markets LLC, and RBS Securities Inc. acting as the co-managers.
The preferreds are non-callable for seven years and then provisionally callable beginning April 20, 2018, subject to a 130% price hurdle.
The series D preferred shares are listed on the NYSE under the symbol "RPT PrD."
Farmington Hills, Mich.-based Ramco-Gershenson is a real estate investment trust focused on community shopping centers in states such as Michigan, Florida and Georgia.
| Issuer: | Ramco-Gershenson Properties Trust
|
| Issue: | Cumulative convertible perpetual shares
|
| Amount: | $20 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Lead managers: | KeyBanc Capital Markets Inc., Stifel, Nicolaus & Co. Inc.
|
| Co-managers: | Comerica Securities Inc., PNC Capital Markets LLC, RBS Securities Inc.
|
| Dividend: | 7.25%
|
| Price: | Par, $50.00
|
| Yield: | 7.25%
|
| Conversion price: | $14.41
|
| Calls: | On or after April 20, 2018, subject to 130% price hurdle
|
| Takeover protection: | Yes
|
| Pricing date: | April 27
|
| Distribution: | Registered, off the shelf
|
| Stock symbol: | NYSE: RPT
|
| Market capitalization: | $489.25 million
|
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