MEPC to redeem $215 million preferreds

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 18 - MEPC Ltd. said Thursday it will call its entire outstanding amount of $215 million of preferred shares in the QUIPS structure.

The company said the repurchase of the shares will be funded by a medium-term credit facility worth more than £400 million. This deal is still in negotiation stages.

"Following on from the repurchase of the 2032 loan stock in April 2005, the redemption of the QUIPS will be a further step forward in restructuring MEPC's balance sheet," said Gavin Lewis, MEPC head of corporate finance, in a news release. "The redemption will immediately reduce MEPC's cash outflows by approximately £5.5 million per annum".

MEPC is based in the United Kingdom and specializes in the development and operation of commercial property with a primary focus of business parks.

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