Preferred Stock Calendar

May

CEDAR REALTY TRUST INC.: 7.25% series B cumulative redeemable perpetual preferreds; redeemable May 2017 or in the event of a change of control; MLV & Co. and Sandler O'Neill + Partners, LP (joint bookrunners); proceeds will be contributed to the operating partnership in exchange for preferred units of limited partnership interest and the operating partnership will then use the funds to pay down its secured revolving credit facility; Port Washington, N.Y.-based real estate investment trust.

On The Horizon

ALLSTATE CORP: $1.25 billion of preferreds and senior notes; proceeds to be used to repurchase $1 billion of stock and for repayment of 2012 debt; Northbrook, Ill.-based insurance company.

CREATIVE CASINOS, INC.: $90 million 7.5% senior redeemable perpetual preferred stock, non-callable for two years; downsized from $103.09 million; Jefferies, Morgan Stanley (joint bookrunners); Rule 144A and Regulation S with registration rights; to fund construction of a new casino and hotel located in Lake Charles, La.; Las Vegas-based gaming, lodging and entertainment company.

FIRST CAPITAL BANCORP INC.: $10.96 million series A fixed-rate cumulative perpetual preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on May 15, 2014; company will not receive any proceeds from the sale; Glen Allen, Va.-based financial holding company.

GREENHUNTER ENERGY INC: $12.5 million of 10% series C cumulative preferred stock; $1.875 million over-allotment; $100 per share liquidation preference; investors receive 10 common stock warrants per preferred share, strike price of $2.00 per share; callable after 2015; C.K. Cooper & Co. (bookrunner and underwriter); proceeds for capital expenditures, working capital, acquisitions, directly or indirectly, of salt water disposal facilities, repayment or refinancing of debt, investments in subsidiaries, or general corporate purposes; Grapevine, Texas-based provider of water management services for oil and gas exploration in shale fields.

SOUTHERN FIRST BANCSHARES INC.: $17.29 million fixed-rate series T cumulative perpetual preferreds; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on May 15, 2014; company will not receive any proceeds from the sale; Greenville, S.C.-based holding company for Southern First Bank NA.

TAYLOR CAPITAL GROUP INC.: $104.82 million series B fixed-rate cumulative perpetual preferred stock; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% on Feb. 15, 2014; company will not receive any proceeds from the sale; Chicago-based bank holding company for Cole Taylor Bank.

YADKIN VALLEY FINANCIAL CORP.: $49.31 million of fixed-rate cumulative perpetual preferreds including $36 million of series T preferreds and $13.31 million of series T-ACB preferreds; $1,000 liquidation preference; to be sold by Treasury Department; dividend is initially 5% and will increase to 9% five years after issuance; company will not receive any proceeds from the sale; Statesville, N.C.-based bank.

© 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.