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Creative Media eyes offering up to $692.31 million series A1 preferred stock
By Wendy Van Sickle
Columbus, Ohio, May 24 – Creative Media & Community Trust Corp., formerly CIM Commercial Trust Corp., plans to price up to $692,312,129 $25-par series A1 preferred stock, according to a filing with the Securities and Exchange Commission.
The preferreds may be redeemed at the option of the holder at a price of 91 in year one, 92 in year two, 93 in year three, 94 in year four, 95 in year five and at par starting in year six and may be redeemed at the option of the issuer at par after two years.
Proceeds will be used for general corporate purposes, acquisitions and additional investments consistent with the company’s investment strategies.
CCO Capital, LLC is the dealer manager.
Counsel for the issuer is provided by Venable LLP and Sullivan & Cromwell LLP.
The company does not plan to list the preferreds on any securities exchange.
The company is a Dallas-based real estate investment trust specializing in office space.
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