IRC Retail Centers redeems 8.125% series A, 6.95% series B preferreds

By Wendy Van Sickle

Columbus, Ohio, May 13 – IRC Retail Centers Inc. redeemed all of the outstanding shares of its 8.125% series A cumulative redeemable preferred stock and 6.95% series B cumulative redeemable preferred stock on Friday, according to a press release.

The shares were redeemed at $25 each plus accrued dividends from April 15 to, but excluding, the redemption date, which amounted to $0.15799 per series A share and $0.13514 per series B share.

IRC chose to exercise its special right to redeem the preferreds after a change of control resulting from a merger of which it is the surviving entity.

Formerly known as Inland Real Estate Corp., the company was recently acquired by funds managed by DRA Advisors LLC. The shopping center-focused real estate company is based in Oak Brook, Ill.

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