Regency Centers to redeem 6% series 7 preferreds with note proceeds

New York, June 27 – Regency Centers Corp. plans to redeem all $75 million of its outstanding 6% series 7 preferred shares using proceeds from an offering of new notes in two tranches.

Proceeds will also be used to retire $112 million of loans secured by mortgages, to repay borrowings on the company’s line of credit and for general corporate purposes, according to a 424B5 filing with the Securities and Exchange Commission.

Regency Centers announced it will sell add ons to the 3.6% notes due 2027 and 4.4% notes due 2047 issued by Regency Centers, LP in the filing on Tuesday morning.

The series 7 preferreds become callable on Aug. 23 at their liquidation preference of $25.00 per share plus accrued dividends.

Regency Centers is a Jacksonville, Fla., real estate investment trust that owns retail shopping centers.

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