Cedar Realty Trust offers $75 million of cumulative preferred stock; price talk 6.375%-6.5%

By Stephanie N. Rotondo

Seattle, Aug. 16 – Cedar Realty Trust Inc. is selling $75 million of series C cumulative redeemable preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is 6.375% to 6.5%, a market source reported.

Raymond James & Associates Inc. and KeyBanc Capital Markets are the joint bookrunners. Baird, Wunderlich Securities Inc., BB&T Capital Markets, Capital One and TD Securities Inc. are the co-managers.

Dividends will be payable on the 20th day of February, May, August and November.

The preferreds become redeemable in 2022 at par plus accrued dividends. The company can also redeem the issue upon a change of control.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “CDRPrC.”

Proceeds will be contributed to the operating partnership in exchange for preferred units of limited partnership interest. The operating partnership will then use the funds to partially redeem the company’s 7.25% series B cumulative redeemable preferred stock (NYSE: CDRPrB).

Cedar Realty is a Port Washington, N.Y.-based real estate investment trust.

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