Tracy Pursell, Weingarten's investor relations director, tells GlobeSt.com that the REIT will use the proceeds from the sale of a series with an annual dividend interest rate of 6.75% to redeem Series A shares, which have a 7.44% rate. Each share of the Series A represents 1/30th of a Series D preferred share. The April 30 closing will definitely push the shares to market sometime in May, she says.
The series matures April 30, 2008, and will have a liquidation value of $25 per share. Under the plan, the first dividend will be paid June 16 and will be prorated based on the April 30 settlement date, according to a company press release.
The offering's sole bookrunning manager is Wachovia Securities. Goldman, Sachs & Co., Legg Mason Wood Walker Inc., McDonald Investments Inc. and Salomon Smith Barney co-managed the transaction.
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