Then on Feb.27 the Seattle-based Surgard announced the completion of a $75-million public stock offering, with three million shares of 8.75% Series D Cumulative Redeemable Preferred stock. The shares come with a $25 per share liquidation preference and are callable on or after February 27, 2006. Proceeds of $85.25 million include $11.25 from the exercise of the underwriters' over-allotment option of 450,000 shares. Surgard has allocated net proceeds from the stock sale toward prepayment of a $122.8 million secured debt obligation maturing in June of this year.
Shurgard is a fully integrated, self-administered and self-managed REIT in the business of developing, acquiring, owning and managing self-storage centers and related operations.
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