The securities have no stated maturity, sinking fund or mandatory redemption and are not convertible to any other Kramont securities. Kramont can elect to redeem them at par on or after Dec. 30, 2008.
New York-based Cohen & Steers Capital Advisors LLC is the placement agent in the sale. Friedman, Billings & Ramsey Co. Inc., based in Arlington, VA, is the acting financial advisor to Kramont.
With proceeds from the sale, the locally based shopping center REIT is redeeming outstanding shares of its 9.5% series D cumulative redeemable preferred stock. It will also use the new funding for general corporate purposes, including acquisitions, repayment of debt and working capital requirements.
New York-based American Stock Transfer and Trust Co. is the redemption agent. The redemption date is Jan. 30.
Kramont owns, operates and manages 93 properties, primarily neighborhood and community shopping centers, encompassing about 12.1 million sf of leasable space in 15 states. The overwhelming majority, 80%, of Kramont's centers are anchored by a grocery, drug or discount retailer.
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