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Glenborough Realty Trust to redeem some 7¾% convertible preferreds with stock sale proceeds
By Caroline Salls
Pittsburgh, Dec. 16 - Glenborough Realty Trust said it will redeem a portion of its outstanding 7¾% series A convertible preferred stock using proceeds from its offering of 4 million shares of common stock.
Prior to the redemption, Glenborough will use proceeds to repay a portion of the amounts outstanding under its unsecured credit facility.
Glenborough is a San Mateo, Calif., self-administered and self-managed real estate investment trust.
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