By Cristal Cody
Tupelo, Miss., Oct. 8 - The Monmouth Real Estate Investment Corp. announced on Friday that it priced $20.43 million 7.625% series A cumulative redeemable preferred stock.
The company sold 817,250 preferred shares at an offering price of $24.00 a share for proceeds of $19.61 million. The preferreds have a $25.00 liquidation value per share.
The series will have 2.14 million shares outstanding.
The preferreds are callable beginning Dec. 5, 2011 at par.
CSCA Capital Advisors, LLC managed the deal.
Proceeds will be used purchase additional properties in the ordinary course of business and for general corporate purposes, including the possible repayment of debt.
The series A preferred stock (NYSE: MNR-PA) traded on Friday up 5 cents to $24.90.
The Freehold, N.J.-based company, which was organized in 1968, is a publicly owned real estate investment trust in industrial properties and a shopping center.
| Issuer: | Monmouth Real Estate Investment Corp.
|
| Issue: | Cumulative redeemable preferred stock
|
| Amount: | $20,431,250 (817,250 shares)
|
| Proceeds: | $19,614,000
|
| Maturity: | None
|
| Bookrunner: | CSCA Capital Advisors, LLC
|
| Dividend: | 7.625%
|
| Price: | $24.00 per share ($25.00 liquidation value)
|
| Call: | From Dec. 5, 2011 at par
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 14
|
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