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Preferred Stock Calendar: Inland pricing cumulative preferreds
Friday
INLAND REAL ESTATE CORP.:
Series B cumulative redeemable perpetual preferred stock
Price talk in 7% area
Non-rated
Wells Fargo Securities LLC (bookrunner)
Redeemable October 2019 or upon a change of control
Proceeds will be used to purchase additional properties and for general corporate purposes, which may include paying outstanding amounts under an unsecured line of credit facility due in 2017
Oak Brook, Ill.-based real estate investment trust
On The Horizon
HALLMARK FINANCIAL SERVICES INC.:
$25 million of $25-par senior unsecured notes due August 2024
Sandler ONeill + Partners and Incapital (bookrunners)
Redeemable
Proceeds will be used for working capital and general corporate purposes, which may include opportunistic business acquisitions and common stock repurchases
Fort Worth, Texas-based insurance holding company
NATIONAL GENERAL HOLDINGS CORP.:
$100 million of series B noncumulative perpetual preferred stock
Morgan Stanley & Co. LLC and UBS Securities LLC (bookrunners)
Redeemable
Proceeds will be used for general corporate purposes, which may include acquisitions and supporting current and future policy writings
New York-based insurance holding company
STARWOOD WAYPOINT RESIDENTIAL TRUST:
$100 million of series A cumulative redeemable perpetual preferred stock
Citigroup Global Markets Inc. (bookrunner)
Change-of-control feature
Proceeds will be contributed to the operating partnership in exchange for series A cumulative redeemable preferred units. Operating partnership will use funds to acquire assets and investments and for general corporate purposes
Oakland, Calif.-based real estate investment trust
WELLS FARGO REAL ESTATE INVESTMENT CORP.:
$100 million of series A cumulative perpetual preferred stock
Redeemable in 2019 or upon a tax, regulatory or Investment Company Act event
Wells Fargo Securities LLC (bookrunner)
Proceeds will be used for general corporate purposes, including the acquisition of qualifying real estate investment trust assets. It is anticipated that net proceeds will be put toward reducing a line of credit
Minneapolis-based real estate investment trust
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