By Stephanie N. Rotondo
Phoenix, Aug. 12 – Gramercy Property Trust Inc. sold $87.5 million of 7.125% series B cumulative redeemable preferred stock, according to an FWP filed with the Securities and Exchange Commission on Tuesday.
BofA Merrill Lynch and Morgan Stanley & Co. LLC are the joint bookrunners.
Dividends will be payable on the last day of March, June, September and December, beginning Dec. 30. The preferreds become redeemable on or after Aug. 15, 2019 at par plus accrued dividends.
There is a change-of-control feature.
The New York-based real estate investment trust will use proceeds to redeem all outstanding 8.125% series A cumulative redeemable preferred shares (NYSE: GPTPA). Any remaining funds will be used for general corporate purposes, including acquisitions and working capital.
| Issuer: | Gramercy Property Trust Inc.
|
| Securities: | Series B cumulative redeemable preferred stock
|
| Amount: | $87.5 million, or 3.5 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC
|
| Co-managers: | J.P. Morgan Securities LLC, Stifel Nicolaus & Co. Inc.
|
| Dividend: | 7.125%
|
| Price: | Par of $25.00
|
| Yield: | 7.125%
|
| Talk: | 7.25%
|
| Call options: | On or after Aug. 15, 2019 at par plus accrued dividends or upon a change of control
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 15
|
| Expected listing: | NYSE: GPTPB
|
| Cusip: | 38489R506
|
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