Article: PRIME RETAIL MODIFIES PROPOSED EXCHANGE OFFER FOR SERIES B CONVERTIBLE PREFERRED STOCK

BALTIMORE, April 1 /PRNewswire/ -- Prime Retail, Inc. (the "Company") (Nasdaq: PRME, PRMEP) said it filed on Friday, March 29, 1996, with the Securities and Exchange Commission a Preliminary Proxy Statement in which it describes certain modifications to its previously announced proposed offer to exchange newly issued shares of its Common Stock for outstanding shares of its 8.5% Series B Cumulative Participating Convertible Preferred Stock (the "Convertible Preferred Stock"). The modified exchange offer will provide for an exchange on the basis of 1.6 shares of Common Stock for each share of Convertible Preferred Stock validly tendered for exchange, and it will provide for ...






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