Ramco-Gershenson calls 7.95% convertible preferreds

By Jennifer Chiou

New York, April 2 - Ramco-Gershenson Properties Trust announced the redemption of its 7.95% series C cumulative convertible preferred shares of beneficial interest.

The company said it will redeem the 1.888 million shares at $28.50 per share plus accrued dividends to June 1, the redemption date.

Ramco-Gershenson said that, at the option of the holder, each preferred is convertible into the trust's shares at a conversion price of $28.50.

Holders must deliver conversion requests to American Stock Transfer and Trust (800 937-5449), the redemption and conversion agent, no later than May 22.

"Our decision to redeem our series C convertible preferred securities at this time is part of our overall strategy of focusing on capital management and balance-sheet efficiency," president and chief executive officer Dennis Gershenson said in a news release.

"We expect substantially all holders to convert such securities, but because the series C preferred shares have been treated as converted for purposes of calculating fully-diluted common shares outstanding, the conversion will not impact our previously disclosed financial estimates."

Ramco-Gershenson is Farmington Hills, Mich., real estate investment trust.

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