Monmouth Real Estate plans to redeem 7.625% preferreds via new issue

By Susanna Moon

Chicago, Sept. 6 – Monmouth Real Estate Investment Corp. plans to redeem its 7.625% series A cumulative redeemable preferred stock using proceeds of a new issue of preferreds.

Monmouth is selling series C cumulative redeemable preferreds and plans to list the issue on the New York Stock Exchange under the symbol “MNRprC,” according to a company announcement.

Remaining proceeds will be used to repay debt under the company’s unsecured revolving credit facility, to purchase properties and to fund expansions of properties and for general corporate purposes.

Monmouth is a Freehold, N.J.-based real estate investment trust.

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