Glimcher Realty Prices Preferred Offering

Glimcher Realty Trust, Columbus, Ohio, has priced a $150 million public offering of six million shares of 8.125% redeemable preferred shares at a price of $25.00 per share.The net proceeds of the offering of approximately $144.85 million will be used to repay $16.9 million in subordinated mortgage debt relating to the company's Great Mall of the Great Plains located in Olathe, Kansas, and to partially fund the redemption of all of the company's outstanding 9.25% Series B cumulative preferred shares, the company said. Morgan Stanley & Co. and McDonald Investments acted as co-managers of the offering.