U.S. Restaurant Properties Inc., Dallas, has announced the sale of 16,000 shares of series B convertible preferred stock in a private placement.The sale raised $16 million in gross proceeds, the real estate company said. The stock carries an 8% dividend and is convertible into common shares at a fixed price of $16 per share. The offering also includes a 12-month option under which the institutional investors can invest an additional $4 million (stated value) in the series B stock at the same terms, with certain conversion price adjustments.
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