By Stephanie N. Rotondo
Phoenix, March 18 - Power REIT sold $2.5 million of 7.75% series A cumulative redeemable perpetual preferred stock via an at-the-market offering, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
The company originally registered the shares on Oct. 18 and launched a $3.75 million sale on Nov. 6.
Dividends will be payable on the 15th day of March, June, September and December.
The company can redeem the preferreds beginning in 2018 at par plus accrued dividends.
The company can also call the preferreds in the event of a delisting event of change of control.
The preferreds listed on the New York Stock Exchange on Tuesday under the ticker symbol "PWPA."
Proceeds will be used for acquisitions, to retire debt or for working capital.
The real estate investment trust is based in Old Bethpage, N.Y.
| Issuer: | Power REIT
|
| Securities: | Series A cumulative redeemable preferred stock
|
| Amount: | $2.5 million
|
| Maturity: | Perpetual
|
| Dividend: | 7.75%
|
| Par amount: | $25
|
| Call option: | Beginning in 2018 at par
|
| Listing: | NYSE: PWPA
|
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