Cedar Realty launches add-on offering to 7.25% series B cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Feb. 7 - Cedar Realty Trust Inc. intends to price an add-on to its 7.25% series B cumulative redeemable preferreds, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Securities LLC and BofA Merrill Lynch are the joint bookrunners.

Dividends are payable on a quarterly basis.

The preferreds can be redeemed on or after May 22, 2017 at par plus accrued dividends, except in cases related to the company's real estate investment trust status or in the event of a change of control.

The securities are listed on the New York Stock Exchange under the symbol "CDRPB." As of Feb. 6, there were about 5.65 million shares outstanding.

The Port Washington, N.Y.-based REIT intends to contribute proceeds from the add-on offering to its operating partnership in exchange for preferred units of limited partnership interest. The operating partnership will then use the funds to redeem all outstanding series A preferreds and for working capital.

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