CBL redeems alll 460,000 outstanding Series C shares and depositary shares
Nov 06, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --CBL & Associates Properties Inc CBL, an owner and developer of US malls and shopping centres, has completed the redemption of its 7.75% Series C cumulative redeemable preferred stock, it stated on Monday.
The company redeemed all 460,000 outstanding Series C shares and all outstanding depositary shares, each of which represents 1/10th of a Series C share .
CBL redeemed the Series C shares in whole at USD250.00 per share, together with accrued and unpaid dividends to the redemption date of USD1.9375 per share, for a total of USD251.9375 per share.
The depositary shares representing Series C shares were redeemed in whole at USD25.00 per share together with accrued and unpaid dividends to the redemption date of USD0.19375 per share, for a total of USD25.19375 per share.
The total amount paid of approximately USD115.9m was funded with a portion of the net proceeds from CBL's recent issue of depositary shares, each representing 1/10th of a share of its newly designated 6.625% Series E cumulative redeemable preferred stock.
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