By Stephanie N. Rotondo
Seattle, Oct. 6 – Bluerock Residential Growth REIT Inc. priced $67.5 million of 7.125% series D cumulative preferred stock, the company said in an FWP filed with the Securities and Exchange Commission.
Price talk was 7%.
There is a $10,125,000 over-allotment option.
Janney Montgomery Scott LLC, D.A. Davidson & Co. and Oppenheimer & Co. are the joint bookrunners. BB&T Capital Markets is acting as co-lead manager.
Dividends will be payable on the fifth day of January, April, July and October, beginning Jan. 5. The preferreds become redeemable on or after Oct. 13, 2021 at par plus accrued dividends.
The company can also redeem the issue upon a change-of-control or delisting event.
The New York-based real estate investment trust plans to use the proceeds for future multifamily property acquisitions and investment and for other general corporate and working capital purposes. That may include capital expenditures.
| Issuer: | Bluerock Residential Growth REIT Inc.
|
| Securities: | Series D cumulative redeemable preferred stock
|
| Amount: | $67.5 million, or 2.7 million shares
|
| Greenshoe: | $10,125,000, or 405,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Janney Montgomery Scott LLC, D.A. Davidson & Co., Oppenheimer & Co.
|
| Co-lead manager: | BB&T Capital Markets
|
| Co-managers: | Boenning & Scattergood Inc., JMP Securities, William Blair & Co.
|
| Dividend: | 7.125%
|
| Price: | Par of $25.00
|
| Yield: | 7.125%
|
| Talk: | 7%
|
| Call options: | On or after Oct. 13, 2021 at par plus accrued dividends, or upon a change-of-control or delisting event
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 13
|
| Expected listing: | NYSE: BRGPD
|
| Cusip: | 09627J656
|
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