Taubman to redeem series G, H preferreds using series J proceeds

By Ashley Montgomery

Kansas City, Kan., Aug. 2 - Taubman Centers, Inc. intends to use the proceeds from its offering of series J cumulative redeemable preferred stock to redeem two other series of preferred stock, according to a news release.

The company will redeem all or a portion of its 8% series G cumulative redeemable preferred stock and all or a portion of its 7.625% series H cumulative redeemable preferred stock. The redemption price for the preferreds is $187 million plus accrued dividends, according to the filing.

Any remaining offering proceeds will be used to repay borrowings under Taubman's $715 million revolving lines of credit and for general corporate purposes.

The company may also draw on its revolving lines of credit to fund the preferred redemptions.

Taubman Centers is a real estate investment trust that owns, develops, acquires and operates urban and suburban shopping centers from coast to coast. The company has headquarters in Bloomfield Hills, Mich.

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