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BURNHAM PACIFIC PROPERTIES ISSUES 1,725,000 SHARES OF COMMON STOCK AND $75 MILLION OF CONVERTIBLE DEBENTURES

 BURNHAM PACIFIC PROPERTIES ISSUES 1,725,000 SHARES OF COMMON STOCK
 AND $75 MILLION OF CONVERTIBLE DEBENTURES
 SAN DIEGO, Feb. 28 /PRNewswire/ -- Burnham Pacific Properties, Inc. (NYSE: BPP), announced today that the company will issue 1,725,000 shares of common stock at $16.00 per share, and $75 million of 8.5 percent convertible debentures due 2002. The debentures will trade on the New York Stock Exchange and are convertible into common stock of the company at any time prior to maturity.
 The company will use the net proceeds of the issuance of the securities for repayment of $25 million of the company's currently outstanding bank borrowings and for general corporate purposes including further acquisitions of real estate properties.
 The securities were offered by the company to selected unaffiliated institutional investors. National Westminster Bank PLC, Capital Markets Branch, was retained to act as agent for the company in connection with the arrangement of this transaction.
 Burnham Pacific Properties, Inc., is a real estate investment trust which owns all or a portion of 19 commercial properties in Southern California.
 -0- 2/28/92
 /CONTACT: Louis J. Garday, 619-525-2620, or Bill Gabriel, 619-525-2642, both of Burnham Pacific Properties/
 (BPP) CO: Burnham Pacific Properties, Inc. ST: California IN: FIN SU:


TS-GK -- NY002 -- 3665 02/28/92 11:00 EST
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Publication:PR Newswire
Date:Feb 28, 1992
Words:217
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