Taubman says the public offering of 8% redeemable preferred stock has no stated maturity, sinking fund or mandatory redemption and is notconvertible into any other company securities. Proceeds were used to redeem outstanding 9% preferred equity.
"We are pleased to refinance $100 million of our preferred equity at attractive rates and thereby reduce the company's long-term financing costs," says Lisa A. Payne, executive vice president, chief financial and administrative officer of Taubman Centers.
The company says it still expects 2004 adjusted funds from operations of $1.93 to $1.94 a share, which excludes one-time organizational costs and a one-time charge related to the redemption of preferred equity. Including those costs, 2004 FFO per share was forecast at $1.82 to $1.83.
Taubman says it expects the redemption to add about $1 million, or $0.01 per share, to FFO in 2005.
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