Simon Property says almost all 6.5% convertibles converted ahead of redemption

New York, Dec. 16 - Simon Property Group Inc. said almost all its 4.3 million shares of 6.5% series B convertible preferred stock were converted to common stock ahead of the previously announced redemption.

The Indianapolis shopping mall real estate investment trust said only 18,340 shares of the preferreds were not converted. It redeemed these at a price of $106.34 including accrued dividends on Dec. 15.

Simon Property issued 11.1 million shares of common stock in exchange for the remaining convertibles.

The company announced on Nov. 13 it would redeem all $431.6 million of its outstanding 6.5% series B convertible preferred stock on Dec. 15.

Simon Property said it would pay 105% of liquidation value plus accrued interest for a total of $106.34 per share.

Up to 5 p.m. ET Dec. 15, holders could convert the preferreds into common stock at the rate of 2.58605 shares of common stock per share of preferred.

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