Regency Centers to redeem series 5 preferreds with offering proceeds

By Ashley Montgomery

Kansas City, Kan., Aug. 13 - Regency Centers Corp. plans to use the proceeds from its offering of series 7 cumulative redeemable preferred stock to redeem its 6.7% series 5 preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

The total cost of the redemption is expected to be $76 million including accrued dividends.

The company said it will turn the funds over to its operating partnership, Regency Center LP, which will invest the funds before using them for the redemption.

Regency Centers is a Jacksonville, Fla.-based real estate investment trust.

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