Printer Friendly

CHATEAU TO SELL SHARES TO PUBLIC

 DETROIT, Sept. 21 /PRNewswire/ -- Chateau Properties, Inc. (the "Company") announced that it has filed a registration statement earlier today with the Securities and Exchange Commission for its initial public offering. The Company intends to raise approximately $110 million. The Company has been formed to continue and expand the operations of Chateau Estates, one of the country's largest owners and operators of manufactured housing communities. The Company will operate as a self- administered and self-managed equity real estate investment trust.
 Merrill Lynch & Co.; Bear, Stearns & Co., Inc.; and A.G. Edwards & Sons, Inc. will act as the managing underwriters of the offering.
 After completion of the offering, Chateau Properties will control an initial portfolio of 33 properties containing 15,100 sites -- 22 properties in Michigan and 11 in Florida.
 The Company will apply for listing of the shares on the New York Stock Exchange upon official notice of issuance. The offering will be made only by means of a prospectus.
 The Company stated it intends to use the proceeds of the offering to repay outstanding indebtedness and for working capital.
 Copies of the offering prospectus, when available, may be obtained from Merrill Lynch & Co., Merrill Lynch World Headquarters, World Financial Center, 250 Vesey St., Ground Floor, New York, NY 10281-1209; Bear, Stearns & Co., Inc., Three First National Plaza, Suite 2600, Chicago, IL 60602; and A.G. Edwards & Sons, Inc., One North Jefferson, St. Louis, MO 63103.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of any offer to buy nor shall any of these securities be sold in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 9/21/93
 /CONTACT: Gayle L. McGarvah, APR, 313-884-1222, for Chateau Properties/


CO: Chateau Properties, Inc. ST: Michigan IN: CST SU: OFR

SB -- DE021 -- 4253 09/21/93 14:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 21, 1993
Words:362
Previous Article:QSTAR AND INTERGRAPH PACT PROVIDES OPTICAL STORAGE FOR SCO/UNIX PLATFORM
Next Article:BLOOMINGDALE'S TO ANNOUNCE REOPENING DATE OF MIAMI STORE TO HUNDREDS OF LOYAL SHOPPERS TAKING THE LAST SHUTTLE TO BOCA RATON STORE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters