Cantor Fitzgerald has 2,117,000 shares left to sell under agreement
By Angela McDaniels
Tacoma, Wash., March 16 - Ramco-Gershenson Properties Trust said it entered into a sales agreement with Cantor Fitzgerald & Co. for the sale of 3 million shares of its common stock.
Cantor Fitzgerald agreed on Jan. 12, 2009 to sell the shares from time to time in at-the-market offerings on a best-efforts basis. As of March 15, there were 2,117,000 of the shares remaining unsold, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used for general corporate purposes, which may include acquisitions of additional properties, capital expenditures, the development of new properties, the redevelopment and/or improvement of existing properties, the repayment of amounts outstanding under the company's revolving credit facilities or other debt and working capital.
Ramco-Gershenson is a real estate investment trust based in Farmington Hills, Mich. Its primary business is the ownership and management of shopping centers.
| Issuer: | Ramco-Gershenson Properties Trust
|
| Issue: | Common stock
|
| Shares: | Up to 3 million
|
| Price: | Variable prices
|
| Warrants: | No
|
| Agent: | Cantor Fitzgerald & Co.
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| Pricing date: | Jan. 12, 2009
|
| Stock symbol: | NYSE: RPT
|
| Stock price: | $11.68 at close March 16
|
| Market capitalization: | $461.66 million
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