Each preferred share is convertible into the company's common shares at a conversion price of $28.50 per common share. The offering is being underwritten by Stifel, Nicolaus & Company, Inc., Lazard Freres & Co. LLC, KeyBanc Capital Markets, a division of McDonald Investments, Inc., and RBC Dain Rauscher Inc.
Ramco-Gershenson is in negotiations to purchase four community shopping centers in the southeastern US and expects to close on those acquisitions before the end of July. The acquisitions will be funded in part by proceeds from the public offering.
Ramco-Gershenson currently has a portfolio of 65 shopping centers totaling approximately 13.7 million sf in Michigan, Ohio, Wisconsin, Indiana, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
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