Ramco-Gershenson Properties raises $102.64 million through public offering of common shares

Thu. September 17, 2009; Posted: 02:26 PM

Sep 17, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- RPT | Quote | Chart | News | PowerRating -- Ramco-Gershenson Properties Trust, a US-based real estate investment trust, has completed its public offering of 12.075 million common shares of beneficial interest, including 1.575 million shares pursuant to the underwriters' over-allotment option, at a price of $8.50 per share. The company has raised gross proceeds of $102.64 million through this offering.

Update on September 10, 2009:

Ramco-Gershenson Properties has priced its public offering of 10.5 million newly issued common shares of beneficial interest at a price of $8.50 per share to raise gross proceeds of $89.25 million.

The company has granted the underwriters a 30-day option to purchase up to an additional 1.575 million shares. The offering is expected to close on September 16, 2009.

Announcement (September 8, 2009):

Ramco-Gershenson Properties plans to sell 9 million newly issued common shares of beneficial interest in an underwritten public offering.

Ramco-Gershenson Properties intends to grant the underwriters a 30-day option to purchase up to an additional 1.35 million common shares of beneficial interest.

J.P. Morgan Securities, Inc., Deutsche Bank Securities, Inc., and KeyBanc Capital Markets, Inc. are acting as joint book-running managers for this offering.

Deal Value (US$ Million) 102.64
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-09-16

Deal Participants

Target (Company) Ramco-Gershenson Properties Trust

Deal Rationale

Ramco-Gershenson intends to use the net proceeds from the sale to reduce outstanding borrowings under its unsecured revolving credit facility.

Offer Price ($ per share) 8.5
No. Shares Issued         12075000

For full details on Ramco-Gershenson Prop Tr (RPT) click here. Ramco-Gershenson Prop Tr (RPT) has Short Term PowerRatings of 5. Details on Ramco-Gershenson Prop Tr (RPT) Short Term PowerRatings is available at This Link.

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