The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Cedar Realty Trust Prices Offering Of Its 7.25% Series B Cumulative Redeemable Preferred Stock

Tuesday, September 11, 2012

Cedar Realty Trust Prices Offering Of Its 7.25% Series B Cumulative Redeemable Preferred Stock16:50 EDT Tuesday, September 11, 2012PORT WASHINGTON, N.Y., Sept. 11, 2012 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) today announced that it has priced an underwritten public offering of 4,200,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock at $23.9366 per share. Gross proceeds to the Company will be approximately $100.5 million. Closing of the offering is scheduled for September 14, 2012, subject to customary closing conditions. As part of the offering, the Company granted the underwriters a 30-day option to purchase an additional 630,000 shares. The Company intends to use the net proceeds to redeem the Company's 8.875% Series A Cumulative Redeemable Preferred Stock. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the Company's secured revolving credit facility.The shares of Series B Preferred Stock have a liquidation preference of $25.00 per share, have no stated maturity, are not subject to any sinking fund and are redeemable, at the Company's option, beginning on May 22, 2017, at a redemption price of $25.00 per share plus accrued and unpaid distributions, as well as, prior to May 22, 2017, under certain other circumstances. The Series B Preferred Stock is listed on the New York Stock Exchange under the symbol "CDR PrB."The offering was made pursuant to a shelf registration. A final prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers for the offering.  Raymond James, RBC Capital Markets and Stifel Nicolaus Weisel are acting as joint lead managers. Credit Suisse, KeyBanc Capital Markets and MLV & Co. are acting as co-managers.This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus and related prospectus supplement. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 7th Floor, New York, NY 10038, attention:  Prospectus Department, or e-mail dg.prospectus_requests@baml.com.  Phone: 1-800-294-1322; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attention: Capital Markets Client Support, telephone (800) 326-5897 or e-mail request to cmclientsupport@wellsfargo.com. About Cedar Realty Trust Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust focused on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of 67 properties, with approximately 9.6 million square feet. Forward-Looking StatementsStatements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the Securities and Exchange Commission, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in forward-looking statements.SOURCE Cedar Realty Trust, Inc.For further information: Brad Cohen, +1-203-682-8211, bcohen@icrinc.com