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Cedar Realty Trust Inc Prices Offering Of Its 7.25% Series B Cumulative Redeemable Preferred Stock

Thursday, 7 Feb 2013 04:08pm EST 

Cedar Realty Trust Inc announced that it has priced an underwritten public offering of 2,000,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock at $24.5813 per share. Gross proceeds to the Company will be approximately $47.6 million. Closing of the offering is scheduled for February 12, 2013, subject to customary closing conditions. As part of the offering, the Company granted the underwriters a 30-day option to purchase an additional 300,000 shares. The Company intends to use the net proceeds from the offering to redeem all the remaining outstanding shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, with the balance to be used for working capital and other corporate purposes. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the Company's secured revolving credit facility. 

Company Quote

0.07 +0.98%
26 Dec 2014