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Ramco-Gershenson Properties Offering 2M Common Shares

SOUTHFIELD, MI-Ramco-Gershenson is offering 2 million shares of common stock for public sale, in part to prepare the company to help finance two shopping centers it is now negotiating for.

By Dan Heaton | Updated on October 16, 2003

SOUTHFIELD, MI-As it prepares to purchase additional shopping centers and upgrade some existing facilities, Ramco-Gershenson Properties Trust says it will sell 2 million common shares of stock to McDonald Investments Inc. and RBC Capital Markets.

The common shares will be offered to the public at the price of $25.20 per share. The company has also granted the underwriters an option to purchase an additional 300,000 shares to cover over-allotments.

Ramco intends to use the net proceeds to initially pay down outstanding balances under its secured and unsecured credit facilities and invest in short term investments. Following the offering, the company plans to borrow against its credit facilities and use the proceeds invested in short term investments to acquire or develop additional shopping centers and expand, renovate or retenant existing centers.

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