Taubman Centers, Inc. (TCO: Quote) said Friday that it has priced an underwritten public offering of 7 million shares or $175 million of 6.5% Series J Cumulative Redeemable Preferred Stock at a price of $25.00 per share.
The company has granted the underwriters an option to purchase up to an additional 1.05 million shares within 30 days to cover over-allotments, if any.
The offering is expected to close August 14.
The company plans to use the proceeds to redeem its outstanding 8% Series G Cumulative Redeemable Preferred Stock and 7.625% Series H Cumulative Redeemable Preferred Stock. Prior to the redemption, the company will use the net proceeds from the offering to temporarily repay all of the amount outstanding under its $715 million revolving lines of credit.
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by RTT Staff Writer
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