New York, May 10 - Sizeler Property Investors, Inc. said it sold $29.3 million of 9% seven-year convertible subordinated debentures.
The New Orleans, La. real estate investment trust also sold 305,320 shares of its 9¾% series B cumulative redeemable preferred stock at $25 per share. The two offerings combined raised net proceeds of $35.3 million which Sizeler will use to retire its remaining outstanding 8% convertible subordinated debentures due July 15, 2003 and for general corporate purposes. Sizeler recently conducted an exchange for its 8% convertibles.
The remaining 8% convertibles will be redeemed on June 10 at par plus $32.44 accrued interest per $1,000 principal amount. The securities can be converted at $13.00 per share.
Placement agent for the public offering was Cohen & Steers Capital Advisors, LLC with Imperial Capital, LLC as co-placement agent.
Sizeler stock closed at $10.06 Friday.
| Issuer: | Sizeler Property Investors, Inc.
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| Issue: | Convertible subordinated debentures
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| Amount: | $29.3 million
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| Maturity: | July 15, 2009
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| Coupon: | 9%
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| Price: | Par
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| Conversion price: | $11.00
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| Call: | May 1, 2005 onwards at par
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| Settlement: | May 10
|
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