BINGHAM FARMS, Mich., Sept. 25 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced it is calling for redemption on October 27, 2003
$10 million of its 9.5% Convertible Subordinated Debentures due July 15, 2004.
The portion of the Debentures being called will be redeemed at par, plus
accrued but unpaid interest, and retired. The aggregate principal balance of
the Debentures is currently $42.7 million.
The portion of the Debentures to be redeemed will be selected by lot. The
transfer books for the Debentures will be closed on September 26, 2003 for
purposes of this selection process. The transfer books will be reopened on
September 29, 2003. The Debentures currently trade on the New York Stock
Exchange under the symbol MAL04. The CUSIP number of the Debentures is
561063AA6001.
Prior to 5:00 p.m. EDT on October 27, 2003, holders of Debentures called
for redemption may convert their Debentures into shares of Malan common stock
at a price of $17.00 per share, or approximately 58.82 shares per $1,000
principal amount of Debentures. Cash will be paid in lieu of fractional
shares. On September 24, 2003, the closing price of Malan common stock on the
New York Stock Exchange was $4.61 per share.
Holders of Debentures called for redemption who do not convert their
Debentures into Malan common stock will have such Debentures redeemed on
October 27, 2003. Upon redemption, they will receive $1,026.92 per $1,000
principal amount of Notes (consisting of the redemption price of $1,000 plus
accrued and unpaid interest thereon from July 15, 2003 up to but not including
October 27, 2003 of $26.92). No further interest will accrue thereafter on
Debentures called for redemption.
A notice of redemption is being mailed to all registered holders of the
Debentures, including, where applicable, information concerning the specific
Debentures selected by lot for redemption. Copies of the notice of redemption
may be obtained from The Bank of New York, the paying agent and conversion
agent, by calling Roxane Ellwanger at (312) 827-8574. The address of The Bank
of New York is 2 N. LaSalle Street, Suite 1020, Chicago, IL 60602.
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. In August 2002, the
company's shareholders approved a plan of complete liquidation. The company
owns a portfolio of 34 properties located in eight states that contains an
aggregate of approximately 2.9 million square feet of gross leasable area.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or through Company News On-Call by fax at (800)
758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
 back to top
Related links:
http://www.malanreit.com
Company News On-Call:
http://www.prnewswire.com/comp/114165.html
CONTACT:
John Roberson, Media Relations of Malan
Realty Investors, Inc., +1-248-644-7110, or Fred Nachman of
Marjan Communications Inc., +1-312-867-1771
|
