Taubman Centers to sell 1.75 million shares of stock at US$56.50/share in US$98.9M offering
BLOOMFIELD HILLS, Michigan
June 15, 2011
– Shopping center developer Taubman Centers Inc. said Wednesday that it has priced 1.75 million shares of stock at $56.50 per share in a $98.9 million offering that is expected to close on Friday.
The price was slightly below its closing price of $57.24 on Tuesday. Its shares fell 49 cents to $56.75 in pre-market trading on Wednesday.
The shares have been sold to Goldman, Sachs & Co., which is the lone underwriter for the deal.
Goldman Sachs has a 30-day option to buy another 262,500 shares, Taubman centers said in a statement. That sale could yield another $14.8 million.
Taubman shares have traded in a 52-week range of $35.60 to $60.88.
The Bloomfield Hills, Mich., company said it intends to use the net proceeds from the sale to reduce borrowings under its $615 million revolving credit line.
Taubman Centers owns, leases or manages 26 U.S. shopping centers in major markets, the company said. It also has an Asia subsidiary headquartered in Hong Kong.
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