Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Colony NorthStar Inc. > News item |
Colony NorthStar may redeem 8.75% series A, 8.5% series F preferreds
By Wendy Van Sickle
Columbus, Ohio, May 24 – Colony NorthStar, Inc. plans to redeem all of its 8.75% series A cumulative redeemable perpetual preferred stock and 8.5% series F cumulative redeemable perpetual preferred stock on June 23, according to two press releases.
The preferreds will be redeemed on June 23 at par of $25.00 each plus accrued dividends to but excluding the redemption date, using proceeds from a new issue of preferreds.
The redemptions are conditioned upon closing of the new offering, which is expected to occur on or about June 5.
Any remaining proceeds of the offering will be used for general corporate purposes.
As of March 31, the company had 2,466,689 shares of the series A preferreds and 10.08 million shares of the series F preferreds outstanding, both with a $25.00 per share liquidation preference.
Colony NorthStar priced an upsized $300 million of 7.15% series I cumulative redeemable perpetual preferred shares at par on Wednesday via BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC as joint bookrunners.
The issue was upsized from a planned $100 million.
Colony NorthStar is a Los Angeles-based real estate and investment management firm.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.