Glimcher plans cumulative redeemable preferreds via Wells Fargo, BofA

By Stephanie N. Rotondo

Phoenix, March 21 - Glimcher Realty Trust will price an offering of series I cumulative redeemable preferred shares of beneficial interest, the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Securities LLC and BofA Merrill Lynch are the joint bookrunning managers. Jefferies Inc., Raymond James & Associates Inc. and Stifel Nicolaus & Co. are the co-managers.

Dividends will be paid on the 15th day of January, April, July and October, beginning July 15. The preferreds become redeemable in March 2018 at par plus accrued interest.

There is also a change of control feature.

Glimcher will apply to list the new issue on the New York Stock Exchange under the ticker symbol "GRTPI."

Proceeds will be used to redeem part of Glimcher's 8.125% series G cumulative redeemable preferred shares of beneficial interest. Any remaining funds will be used for general corporate purposes.

Glimcher is a Columbus, Ohio-based real estate investment trust.

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