Taubman says the public offering of 8% redeemable preferredstock has no stated maturity, sinking fund or mandatory redemptionand is notconvertible into any other company securities. Proceedswere used to redeem outstanding 9% preferred equity.
"We are pleased to refinance $100 million of our preferredequity at attractive rates and thereby reduce the company'slong-term financing costs," says Lisa A. Payne, executive vicepresident, chief financial and administrative officer of TaubmanCenters.
The company says it still expects 2004 adjusted funds fromoperations of $1.93 to $1.94 a share, which excludes one-timeorganizational costs and a one-time charge related to theredemption of preferred equity. Including those costs, 2004 FFO pershare was forecast at $1.82 to $1.83.
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