By Ronda Fears
Nashville, March 22 - Criimi Mae Inc. announced the sale of 585,000 shares of 10.875% series B cumulative convertible preferreds to two institutional investors for aggregate proceeds of approximately $14.9 million or a price of $25.42 per share.
As a result of this sale, which the company completed in a direct offering without using an underwriter or placement agent, the number of shares of series B preferreds outstanding will increase to 2,178,982.
Criimi Mae said the new preferreds will not receive the previously declared dividend of 68 cents per share payable on March 31 to holders of record of currently outstanding Series B preferreds on March 19.
Terms of the deal are:
| Issuer: | Criimi Mae Inc.
|
| Issue: | Series B convertible preferreds
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| Placement agent: | None
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| Amount: | $14.9 million
|
| Maturity: | Perpetual
|
| Dividend: | 10.875%
|
| Issue Price: | $25.42
|
| Settlement: | March 23
|
| Distribution: | Private placement
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