Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, March 29, 5:18 AM
This Slide: #543 of 619 |
Slide #543. Taubman Centers, Inc. — Preferred Stock Offering
Company:
Taubman Centers, Inc. (TCO)
Shares Offered:
6,000,000
Date of Pricing:
3/11/2013
Price Per Share:
$25
Preferred Stock Offering Details:
Taubman Centers, Inc. (NYSE: TCO) today announced the pricing of an underwritten public offering of 6,000,000 shares or $150 million of 6.25% Series K Cumulative Redeemable Preferred Stock at a price of $25.00 per share, pursuant to an effective registration statement. The company granted the underwriters an option to purchase up to an additional 900,000 shares within 30 days solely to cover over-allotments, if any. The offering is expected to close March 15, 2013, subject to customary closing conditions. The company may redeem, at its option, the Series K Cumulative Redeemable Preferred Stock at a redemption price of $25.00 per share on or after March 15, 2018.
Taubman Centers operates as a self-administered and self-managed real estate investment trust. The Taubman Realty Group Limited Partnership is a majority-owned partnership subsidiary of Co. that owns direct or indirect interests in all of Co.'s real estate properties. Co. owns, manages, leases, acquires, disposes of, develops, and expands shopping centers and interests therein. Co.'s owned portfolio of operating centers consists of urban and suburban shopping centers operating in the United States, Puerto Rico, South Korea, and China.
Preferreds: TCO.PRG, TCO.PRJ, TCO.PRK
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Hold (2.00 out of 4) 80th percentile
(ranked higher than approx. 80% of all stocks covered)
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