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Malan Realty calls $7.5 million 9.5% convertibles
New York, Dec. 11 - Malan Realty Investors, Inc. said it will redeem $7.5 million of its 9.5% convertible subordinated debentures due July 15, 2004 on Jan. 20.
The Bingham Farms, Mich. owner of retail properties will pay par plus accrued interest.
Malan Realty currently has $32.6 million of the convertibles outstanding, which will decline to $19.6 million after a previously announced partial redemption is completed on Dec. 18.
Up to 5.00 p.m. ET on Jan. 20 holders can convert the securities at a price of $17.00 per share. Malan stock closed at $5.08 Thursday.
In August 2002, Malan Realty's shareholders approved a plan of complete liquidation.
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