Taubman Centers, Inc. Provides Notice of Redemption of 6.5% Series J Cumulative Redeemable Preferred Stock & of 6.25% Series ...
29 Diciembre 2020 - 8:01AM
Business Wire
Taubman Centers, Inc. (the “Company”; NYSE: TCO) announced that,
effective today, it has provided notice to redeem on January 28,
2021, (the “Redemption Date”) all of the outstanding shares of its
6.5% Series J Cumulative Redeemable Preferred Stock (the “Series J
Preferred Stock”; NYSE:TCO-PR J; CUSIP No. 876664 608) and all of
the outstanding shares of its 6.25% Series K Cumulative Redeemable
Preferred Stock (the “Series K Preferred Stock”; NYSE:TCO-PR K;
CUSIP No. 876664 707). There are 7,700,000 shares of Series J
Preferred Stock outstanding with an aggregate liquidation
preference of $192.5 million and 6,800,000 shares of Series K
Preferred Stock outstanding with an aggregate liquidation
preference of $170 million.
The Company will pay the holders of the Series J Preferred Stock
cash in the amount of $25 per share plus any accrued and unpaid
dividends from January 1, 2021, up to, but not including, the
Redemption Date, without interest, in an amount equal to $0.121875
per share, for a total payment of $25.121875 per share (the “Series
J Redemption Price”).
The Company will pay the holders of the Series K Preferred Stock
cash in the amount of $25 per share plus any accrued and unpaid
dividends from January 1, 2021, up to, but not including, the
Redemption Date, without interest, in an amount equal to $0.1171875
per share, for a total payment of $25.1171875 per share (the
“Series K Redemption Price,” and together with the Series J
Redemption Price, the “Redemption Price”).
The previously announced dividend will still be paid on December
31, 2020 to shareholders of record as of the close of business on
December 15, 2020 (the “December 31 Dividend”). The full amount of
the December 31 Dividend and the aggregate Redemption Price have
each been irrevocably deposited in trust by the Company for the
benefit of the holders of the Series J Preferred Stock and the
holders of the Series K Preferred Stock to pay the scheduled
dividend on December 31, 2020 and to effect the redemption on the
Redemption Date. After the payment of the Redemption Price and
accrued and unpaid dividends up to but not including the Redemption
Date, all shares of the Series J Preferred Stock and all shares of
the Series K Preferred Stock will no longer be deemed to be
outstanding, dividends will cease to accrue, and the holders will
be entitled to no rights as such holders.
A notice of redemption was provided on December 29, 2020 to the
holder of record of the Series J Preferred Stock and the holder of
record of the Series K Preferred Stock. All of the shares of the
Series J Preferred Stock and all of the shares of the Series K
Preferred Stock being called for redemption are held of record by
Cede & Co., as nominee of The Depositary Trust Company ("DTC").
Accordingly, the Series J Preferred Stock and the Series K
Preferred Stock will be redeemed in accordance with the applicable
procedures of DTC. Questions relating to the notice of redemption
should be directed to Computershare, the Company's transfer agent
and the redemption agent for the redemption of the Series J
Preferred Stock and the Series K Preferred Stock (the "Redemption
Agent"). The address and telephone number of the Redemption Agent
are Computershare, 150 Royall Street, Canton, MA 02021;
1-800-546-5141.
About Taubman
Taubman Centers is an S&P MidCap 400 Real Estate Investment
Trust engaged in the ownership, management and/or leasing of 26
regional, super-regional and outlet malls in the U.S. and Asia.
Taubman’s U.S.-owned properties are the most productive in the
publicly held U.S. mall industry. Founded in 1950, Taubman is
headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in
2005, is headquartered in Hong Kong. www.taubman.com
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version on businesswire.com: https://www.businesswire.com/news/home/20201229005246/en/
Media Maria Mainville, Taubman, Director, Strategic
Communications, 248-258-7469 mmainville@Taubman.com Investors Erik
Wright, Taubman, Manager, Investor Relations, 248-258-7390
ewright@Taubman.com
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