Prime Retail to go public with offering next week

March 16, 1994|By From Staff Reports

Prime Retail Inc. of Baltimore said yesterday that it plans to go public next week in an offering of common and preferred stock.

Friedman, Billings, Ramsey & Co., the underwriter, will offer 2.5 million shares of Prime Retail common stock at $19 a share, 2 million shares of 10.5 percent Series A Senior Cumulative Preferred Stock at $25 a share and 6.1 million shares of its 8.5 percent Series B Cumulative Participating Convertible Preferred Stock at a price per share of $25.

The common stock and the convertible preferred stock will trade on the Nasdaq market under the symbols "PRME" and "PRMEP," respectively. The closing of the offering is expected Tuesday.

Prime Retail owns and develops factory outlet centers throughout the United States, all of them outside Maryland. After the offering, the company will own and operate nine outlet centers in seven states with 2.2 million square feet of space. Three new outlet centers are under construction and will open by September.

Prime Retail also will own and operate three community shopping centers containing 424,000 square feet of space.

A spokesman for the company, Steven J. Barach, declined to comment, citing Securities and Exchange Commission rules.

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