Proceeds from the notes, due April 15, 2011 were used to retire the shopping center REIT's $100-million loan and to repay borrowings under its unsecured revolving credit facility.
"Maintaining a strong and flexible balance sheet is an integral component of our business plan and our ongoing ability to deliver consistent earnings growth and increased shareholder value," says Stuart Tanz, president/CEO of Pan Pacific.
The offering has allowed the REIT to convert 80% of its debt to fixed, long-term interest rates.
The offering was underwritten by a group led by Credit Suisse First Boston and Banc of America Securities LLC, and co-managed by CIBC WorldMarkets, Dresdner Kleinwort Wasserstein, A.G. Edwards & Sons Inc., First Union Securities Inc., McDonald Investments Inc. and UBS Warburg.
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