Mills Issues Preferred Stock

The Mills Corp., a retail and entertainment real estate investment trust based in Arlington, Va., has issued 6.44 million shares of 8.75% series E cumulative redeemable preferred shares at $25 per share.The securities have no stated maturity, sinking fund, or mandatory redemption, and are not convertible into any other Mills securities, the company said. Net proceeds totaled $155.9 million, of which approximately $57.5 million will be used to fund the purchase of Cadillac Fairview's interests and a joint venture partner's interests in two regional retail malls in Atlanta, Mills said. The underwriters exercised a 30-day option to buy 840,000 shares of the stock to cover overallotments. The joint book-running managers for the offering are Merrill Lynch & Co. and RBC Capital Markets. Mills can be found online at http://www.millscorp.com.