IRC Retail Centers calls 8.125% series A, 6.95% series B preferreds

By Marisa Wong

Morgantown, W.Va., April 13 – IRC Retail Centers Inc. said it will redeem all of its outstanding 8.125% series A cumulative redeemable preferred stock and 6.95% series B cumulative redeemable preferred stock on May 13.

The redemption price will be $25.00 per share plus all accumulated and unpaid dividends from and after April 15 to, but not including, the redemption payment date. The accumulated dividends are $0.15799 per series A preferred and $0.13514 per series B preferred.

The preferreds are callable due to a change of control that resulted from a previously announced merger. Holders of the preferreds will not be able to tender their shares for conversion in connection with the change of control but, instead, will have their shares redeemed.

Computershare Trust Co., NA is the redemption agent.

Formerly known as Inland Real Estate Corp., the company was recently acquired by funds managed by DRA Advisors LLC. The shopping center-focused real estate company is based in Oak Brook, Ill.

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