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ap

Ramco-Gershenson closes public offering

Ramco-Gershenson sells 12.1 million common shares of beneficial interest

  • On 2:02 pm EDT, Wednesday September 16, 2009

FARMINGTON HILLS, Mich. (AP) -- Real estate investment trust Ramco-Gershenson Properties Trust said Wednesday that it closed its public offering of 12.1 million common shares of beneficial interest at $8.50 per share.

The total number of shares included 1.6 million shares related to the underwriters' overallotment option. The joint underwriters for the offering were J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., and KeyBanc Capital Markets Inc.

Ramco-Gershenson received net proceeds of about $97.3 million from the offering. It plans to use those proceeds to reduce outstanding debt under its unsecured revolving credit facility.

Ramco-Gershenson shares rose 16 cents to $8.84 in afternoon trading.

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