By Stephanie N. Rotondo
Phoenix, March 21 - Glimcher Realty Trust priced $90 million of 6.875% series I cumulative redeemable preferred shares of beneficial interest, a market source reported on Thursday.
Pricing was in line with talk set at a yield in the 6.875% area.
Wells Fargo Securities LLC and BofA Merrill Lynch are the joint bookrunning managers.
Dividends will be paid on the 15th day of January, April, July and October, beginning July 15.
The preferreds are redeemable starting on March 27, 2018 at par plus accrued.
There is also a change of control feature.
Proceeds will be used to partly redeem the company's 8.125% series G cumulative redeemable preferred shares of beneficial interest. Any remaining funds will be used for general corporate purposes.
Glimcher is a Columbus, Ohio-based real estate investment trust.
| Issuer: | Glimcher Realty Trust
|
| Securities: | Series I cumulative redeemable preferred stock
|
| Amount: | $90 million, or 3.6 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities LLC and BofA Merrill Lynch
|
| Co-managers: | Jefferies Inc., Raymond James & Associates Inc. and Stifel Nicolaus & Co.
|
| Dividend: | 6.875%
|
| Price: | Par of $25
|
| Yield: | 6.875%
|
| Call options: | On or after March 27, 2018 at par plus accrued or upon the occurrence of a change of control
|
| Pricing date: | March 21
|
| Settlement date: | March 27
|
| Talk: | 6.875% area
|
| Expected listing: | NYSE: GRTPI
|
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