Taubman Centers redeems 6.5% series J and 6.25% series K preferreds

By Cady Vishniac

Detroit, Dec. 30 – Taubman Centers, Inc. will redeem its outstanding 6.5% series J (Cusip: 876664608, NYSE: TCOPrJ) and its 6.25% series K cumulative redeemable preferred shares (Cusip: 876664707, NYSE: TCOPrK) on Jan. 28 as part of its acquisition by Simon Property Group, Inc., according to a press release.

There are 7.7 million series J shares with a liquidation preference of $192.5 million and 6.8 million series K shares with a liquidation preference of $170 million.

The company will pay holders $25 per share. Series J holders will also receive interest of $0.121875 per share, and series K holders will receive $0.1171875 per share of interest. Shareholders of record as of Dec. 15 will also receive the Dec. 31 dividend.

The transfer and redemption agent is Computershare (800 546-5141).

Total consideration for Simon Property’s acquisition of Taubman Centers, including the redemptions, will come to $3.4 billion.

Simon Property Group is an Indianapolis-based real estate property owner and management company. Taubman Centers is a real estate investment trust based on Bloomfield Hills, Mich.

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