By Sheri Kasprzak
Atlanta, March 15 - Sizeler Property Investors Inc. said it has raised $28,476,750 in a direct placement of stock.
The company sold 2,649,000 shares at $10.75 each to Palisades Management LLC, RREEF America LLC and TIAA-CREF Investment Management LLC.
The shares were sold under the company's shelf registration.
Cohen & Steers Capital Advisors LLC was the placement agent.
Based in Kenner, La., Sizeler is a real estate investment trust focused on retail shopping centers and apartment communities. The proceeds from the offering will be used to redeem the company's outstanding 9% convertible subordinated debentures due July 15, 2009. The remainder of the proceeds will be used to reduce the company's outstanding bank debt.
| Issuer: | Sizeler Property Investors Inc.
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| Issue: | Stock
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| Amount: | $28,476,750
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| Shares: | 2,649,000
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| Price: | $10.75
|
| Warrants: | No
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| Placement agent: | Cohen & Steers Capital Advisors LLC
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| Investors: | Palisades Management LLC, RREEF America LLC and TIAA-CREF Investment Management LLC.
|
| Settlement date: | March 14
|
| Stock price: | $12.10 at close March 14
|
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