Mills (NYSE:MLS)
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From Jun 2019 to Jun 2024
The Mills Corporation (NYSE:MLS) announced today that, consistent with
the terms of the Company’s Credit and Guaranty
Agreement with Goldman Sachs Mortgage Company entered into on May 19,
2006 (the “Senior Term Loan”),
no cash dividend will be paid for the third or fourth quarter of 2006 on
the Company’s common stock or on the following
outstanding series of the Company’s preferred
stock:
The Mills Corporation 9% Series B Cumulative Redeemable Preferred
Stock (NYSE:MLS_PrB);
The Mills Corporation 9% Series C Cumulative Redeemable Preferred
Stock (NYSE:MLS_PrC);
The Mills Corporation 8.75% Series E Cumulative Redeemable Preferred
Stock (NYSE:MLS_PrE);
The Mills Corporation 6.75 % Series F Convertible Cumulative
Redeemable Preferred Stock (NYSE:MLS_PrF);
and
The Mills Corporation 7.875% Series G Cumulative Redeemable Preferred
Stock (NYSE:MLS_PrG)
As was disclosed in a Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 24, 2006, under the terms of
the Senior Term Loan, an aggregate amount of up to $38 million was
permitted to be declared and paid as dividends during the remainder of
2006, with the entire amount of such dividends available to be paid in
August 2006 if so elected by The Mills. With the payment of the second
quarter dividend on the Company’s common and
preferred stock, the Company has no further ability to declare and pay
dividends on its outstanding common and preferred stock without the
consent of Goldman Sachs so long as the Senior Term Loan is outstanding.
The Mills Limited Partnership is subject to similar restrictions on its
ability to pay distributions on its outstanding common and preferred
units.
The Company currently estimates that it has already distributed
sufficient amounts to satisfy its required distribution to its
stockholders for 2006 for REIT qualification purposes.
Pursuant to the terms of each series of the Company’s
outstanding preferred stock, the Company may not declare or pay
dividends, or set apart any payment for dividends, on or with respect to
shares of its common stock unless full cumulative dividends on such
series of preferred stock for all past dividend periods and the then
current dividend period have been or contemporaneously are either
declared and paid in cash or declared and a sum sufficient for the
payment of such dividends in cash is set apart for payment.
The Mills Corporation
The Mills Corporation, based in Chevy Chase, MD, is a developer, owner
and manager of a diversified global portfolio of retail destinations,
including regional shopping malls and market-dominant retail and
entertainment centers. It currently owns 39 properties in the United
States totaling approximately 48 million square feet. In addition, The
Mills has various projects in development, redevelopment or under
construction. The Mills is traded on the New York Stock Exchange under
the ticker: MLS. For more information, visit the Company’s
website at www.themills.com.
Statements in this press release that are not historical may be
deemed forward-looking statements, including as to the distribution of
amounts estimated to be sufficient to satisfy the Company’s
distribution requirements to its stockholders in 2006, within the
meaning of the federal securities laws. Although The Mills Corporation
believes the expectations reflected in any forward-looking statements
are based on reasonable assumptions, the Company can give no assurance
that its expectations will be attained and it is possible that our
actual circumstances and results may differ materially from those
indicated by these forward-looking statements due to a variety of risks
and uncertainties. The Mills Corporation undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. The reader is
directed to the Company's various filings with the SEC, including
quarterly reports on Form 10-Q, reports on Form 8-K and its annual
reports on Form 10-K for a discussion of such risks and uncertainties
The Mills Corporation (NYSE:MLS) announced today that, consistent
with the terms of the Company's Credit and Guaranty Agreement with
Goldman Sachs Mortgage Company entered into on May 19, 2006 (the
"Senior Term Loan"), no cash dividend will be paid for the third or
fourth quarter of 2006 on the Company's common stock or on the
following outstanding series of the Company's preferred stock:
-- The Mills Corporation 9% Series B Cumulative Redeemable
Preferred Stock (NYSE:MLS_PrB);
-- The Mills Corporation 9% Series C Cumulative Redeemable
Preferred Stock (NYSE:MLS_PrC);
-- The Mills Corporation 8.75% Series E Cumulative Redeemable
Preferred Stock (NYSE:MLS_PrE);
-- The Mills Corporation 6.75 % Series F Convertible Cumulative
Redeemable Preferred Stock (NYSE:MLS_PrF); and
-- The Mills Corporation 7.875% Series G Cumulative Redeemable
Preferred Stock (NYSE:MLS_PrG)
As was disclosed in a Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 24, 2006, under the terms of
the Senior Term Loan, an aggregate amount of up to $38 million was
permitted to be declared and paid as dividends during the remainder of
2006, with the entire amount of such dividends available to be paid in
August 2006 if so elected by The Mills. With the payment of the second
quarter dividend on the Company's common and preferred stock, the
Company has no further ability to declare and pay dividends on its
outstanding common and preferred stock without the consent of Goldman
Sachs so long as the Senior Term Loan is outstanding. The Mills
Limited Partnership is subject to similar restrictions on its ability
to pay distributions on its outstanding common and preferred units.
The Company currently estimates that it has already distributed
sufficient amounts to satisfy its required distribution to its
stockholders for 2006 for REIT qualification purposes.
Pursuant to the terms of each series of the Company's outstanding
preferred stock, the Company may not declare or pay dividends, or set
apart any payment for dividends, on or with respect to shares of its
common stock unless full cumulative dividends on such series of
preferred stock for all past dividend periods and the then current
dividend period have been or contemporaneously are either declared and
paid in cash or declared and a sum sufficient for the payment of such
dividends in cash is set apart for payment.
The Mills Corporation
The Mills Corporation, based in Chevy Chase, MD, is a developer,
owner and manager of a diversified global portfolio of retail
destinations, including regional shopping malls and market-dominant
retail and entertainment centers. It currently owns 39 properties in
the United States totaling approximately 48 million square feet. In
addition, The Mills has various projects in development, redevelopment
or under construction. The Mills is traded on the New York Stock
Exchange under the ticker: MLS. For more information, visit the
Company's website at www.themills.com.
Statements in this press release that are not historical may be
deemed forward-looking statements, including as to the distribution of
amounts estimated to be sufficient to satisfy the Company's
distribution requirements to its stockholders in 2006, within the
meaning of the federal securities laws. Although The Mills Corporation
believes the expectations reflected in any forward-looking statements
are based on reasonable assumptions, the Company can give no assurance
that its expectations will be attained and it is possible that our
actual circumstances and results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks and uncertainties. The Mills Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. The reader is directed to the Company's various filings
with the SEC, including quarterly reports on Form 10-Q, reports on
Form 8-K and its annual reports on Form 10-K for a discussion of such
risks and uncertainties