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ROUSE COMPANY ANNOUNCES OFFERING SUCCESSFULLY PLACED

 COLUMBIA, Md., Feb. 11 /PRNewswire/ -- The Rouse Company (NASDAQ-NMS: ROUS) announced that its offering of convertible preferred stock was successfully placed by Goldman, Sachs & Co. of New York and Alex. Brown & Sons Incorporated of Baltimore. Due to the strong level of demand, $201.25 million was issued instead of the $175 million originally sought. A total of 4,025,000 shares was sold at $50 per share, and the dividend yield was set at 6.5 percent per year, or $3.25 per share. The preferred stock is convertible into common stock at $21.25 per share, a 25 percent premium above the common stock's last trade price of $17 per share on Wednesday, Feb. 10, 1993. The preferred stock received investment grade ratings from Moody's Investors Services (Baa3) and Standard & Poor's Corporation (BBB-). The net proceeds of the offering will be used primarily to reduce outstanding company debt, and for other general corporate purposes.
 With this successful offering, The Rouse Company has closed over $800 million in capital transactions in the past 12 months. "The investment communities' favorable response to this latest transaction," stated Chairman and Chief Executive Officer Mathias J. DeVito, "demonstrates that many investors are concluding that the real estate downturn, at least as it relates to regional shopping centers, has bottomed out and that brighter times lie ahead."
 -0- 2/11/93
 /CONTACT: David L. Tripp, vice president and director-investor relations of The Rouse Company, 410-992-6546/
 (ROUS)


CO: Rouse Company ST: Maryland IN: SU: OFR

SM-TM -- NY088 -- 5918 02/11/93 17:25 EST
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Publication:PR Newswire
Date:Feb 11, 1993
Words:258
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