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Malan Realty calls $5 million 9.5% convertibles
New York, March 4 - Malan Realty Investors Inc. said it will redeem $5.0 million of its 9.5% convertible subordinated debentures due July 15, 2004 on April 14.
Malan will pay par plus accrued interest.
The Bingham Farms, Mich., retail real estate investment trust currently has $12.1 million of the convertibles outstanding.
Up to 5 p.m. ET on April 14, holders can convert the securities into stock at a price of $17.00 per share. Malan stock closed at $5.02 on March 3.
In August 2002, Malan Realty's shareholders approved a plan of complete liquidation. It has been progressively redeeming the convertibles as it sells properties.
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