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BLOOMFIELD HILLS, MI-Taubman Centers is seeking to raise $80 million through a new stock offering. The public offering of 3.2 million shares of 7.625% Series H Cumulative Redeemable Preferred Stock will be priced at $25 per share and are expected to be issued on July 1. The company also granted the underwriters an over-allotment option to purchase an additional 480,000 shares.
Wachovia Securities is the lead manager for the offering and RBC Capital Markets and KeyBanc Capital Markets are co-managers. Bloomfield Hills-based Taubman is a REIT that owns and/or manages 22 luxury regional and super regional shopping centers in 10 states.
Most recently, Taubman promoted two of its senior executives, announcing new postings for Lisa A. Payne and William S. Taubman. Taubman is one of the sons of company founder A. Alfred Taubman.
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