BLOOMFIELD HILLS, MI-Luxury mall REIT Taubman Centers has called for redemption $87 million or 3.48 million shares of its outstanding $200 million 8.30% Series A Cumulative Redeemable Preferred Shares. The Series A shares will be redeemed on July 11 at a price of $25 per share, plus slightly more than 5.76 cents in accrued and unpaid dividends.
After July 11, the shares called for redemption will be deemed no longer outstanding, dividends will cease to accrue and holders will have no rights other than the right to receive the redemption price, without interest, upon surrender of their shares.
The company's board has also declared early dividends of 5.76 cents per share on its remaining Series A preferred shares; 5.56 cents per share on its Series G Cumulative Preferred Shares; and 5.3 cents per share on its Series H Cumulative Preferred Shares. The preferred dividends will be payable on July 11.
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