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TCO - Taubman Centers Cap Structure Arb: Heads I Win; Tails I Don't Lose (Much)
Taubman Centers Inc.
Situation Overview
The largest shopping mall REIT, Simon Property Group (SPG) is buying its smaller competitor, Taubman Centers (TCO) at $52.50 per share. The J (TCO.PJ) and K (TCO.PK) series of TCO's preferred shares will be redeemed at $25 face value. Common and preferred stocks will continue to pay dividend until the closing date of the transaction. The total required cash consideration from SPG is ~$3.6 billion, and this is expected to come from SPG's working capital and existing credit facilities. For reference, that's about 8.6% of SPG's enterprise value of