By Stephanie N. Rotondo
Phoenix, Aug. 14 - Regency Centers Corp. sold $75 million 6% series 7 cumulative redeemable perpetual preferred shares at par, the company said in a press release on Tuesday.
The deal came in line with initial price talk.
Dividends on the $25.00-par preferreds will be paid on the last day of March, June, September and December, commencing Dec. 31. The real estate investment trust can redeem the shares on Aug. 23, 2017 or in the event of a change of control.
The company has applied to list the new series of preferreds on the New York Stock Exchange under the ticket symbol "REGPG." Settlement is expected by Aug. 23.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners. RBC Capital Markets LLC is the joint lead manager.
Proceeds will be contributed to the operating partnership, which will then use the funds to redeem all outstanding 6.7% series 5 preferred shares.
Regency is a Jacksonville, Fla.-based real estate investment trust that owns and operates grocery-anchored community shopping centers.
| Issuer: | Regency Centers Corp.
|
| Securities: | Series 7 cumulative redeemable preferred stock
|
| Amount: | $75 million, or 3 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Lead manager: | RBC Capital Markets LLC
|
| Dividend: | 6%
|
| Price: | Par of $25.00
|
| Yield: | 6%
|
| Redemptions: | On or after Aug. 23, 2017 or in the event of a change of control
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 23
|
| Security symbol: | NYSE: REGPG
|
| Cusip: | 758849608
|
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