BLOOMFIELD HILLS, Mich., Aug. 3, 2012 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) today announced the pricing of an underwritten public offering of 7,000,000 shares or $175 million of 6.5% Series J Cumulative Redeemable Preferred Stock at a price of $25.00 per share, pursuant to an effective registration statement. The company granted the underwriters an option to purchase up to an additional 1,050,000 shares within 30 days to cover over-allotments, if any. The offering is expected to close August 14, 2012. The company may redeem, at its option, the Series J Cumulative Redeemable Preferred Stock at a redemption price of $25.00 per share on or after August 14, 2017.
The company intends to use the proceeds to redeem its outstanding 8% Series G Cumulative Redeemable Preferred Stock and 7.625% Series H Cumulative Redeemable Preferred Stock. Prior to the redemption, the company will use the net proceeds from this offering to temporarily repay all of the amount outstanding under its $715 million revolving lines of credit.
Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering. PNC Capital Markets LLC acted as co-manager.The offering is being made under the company's shelf registration statement filed with the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. A copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from (i) Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, or email: email@example.com; or (ii) Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Capital Markets Client Support, or email: firstname.lastname@example.org, or by calling toll-free at 1-800-326-5897. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration and qualification.
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