Bedford Property Investors Inc. closes $50 million preferred stock sale.LAFAYETTE, Calif.--(BUSINESS WIRE)--Sept. 18, 1995--Bedford Property Investors Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced the sale of $50 million of Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". to an investment fund managed by Aldrich Eastman Waltch. Concurrently with the sale of preferred shares, the company's line of credit with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. was increased from $23 million to $60 million. Bedford Property Investors is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with investments in suburban office buildings and industrial properties concentrated in the western United States. It is traded on the New York and Pacific Stock Exchanges under the symbol "BED." Aldrich Eastman Waltch is a Boston based real estate investment adviser. CONTACT: Bedford Property Investors Inc. Peter. B. Bedford or Donald A. Lorenz, 510/283-8910 |
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