Monmouth inks at-the-market deal for $100 million 6.125% preferreds

By Stephanie N. Rotondo

Seattle, June 29– Monmouth Real Estate Investment Corp. has entered into an at-the-market sales agreement to sell $100 million of its 6.125% series C cumulative redeemable preferred stock (NYSE: MNRPrC), the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

FBR Capital Markets & Co. is acting as the agent.

Dividends are payable on the 15th day of March, June, September and December.

The preferreds become redeemable on Sept. 15, 2021 or upon a change of control at par plus accrued dividends.

The preferreds can also be converted to common stock in the event of a change of control or a delisting event.

The Freehold, N.J.-based real estate investment trust will use proceeds to purchase properties and to fund expansions of existing properties, to reduce amounts outstanding under an unsecured revolving credit facility and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.