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Taubman Completes Preferred Stock Offering

BLOOMFIELD HILLS, MI-Taubman Centers swaps $100 million in preferred stock paying 9% for a new issue at 8%, which is expected to save the company $1 million next year.

By Dan Heaton | Updated on November 29, 2004

BLOOMFIELD HILLS, MI-Shopping mall owner Taubman Centers Inc. has closed a $100-million preferred stock offering. The company also says its outlook for 2004 earnings, before charges, is unchanged.

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.

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