By James McCandless
San Antonio, June 11 – Armada Hoffler Properties, Inc. priced a $55 million offering of $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 6.75%, according to a press release.
There is an $8.25 million greenshoe.
The offering was announced on Monday.
Jefferies LLC and Stifel, Nicolaus & Co., Inc. are the joint bookrunners.
The preferreds are redeemable on or after June 18, 2024 at par. Prior to that, they are redeemable within 120 days after a change-of-control event.
Armada Hoffler plans to use the proceeds to fund a portion of the purchase price of the previously announced pending acquisition of a 263,426 square foot office building located in Baltimore. The rest of the proceeds, if any, may be used to repay a portion of the outstanding borrowings under the company’s unsecured revolving credit facility and/or for general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “AHHPrA.”
Armada Hoffler is a Virginia Beach, Va.-based diversified real estate investment trust.
| Issuer: | Armada Hoffler Properties, Inc.
|
| Description: | Series A cumulative redeemable perpetual preferred stock
|
| Amount: | $55 million
|
| Greenshoe: | $8.25 million
|
| Bookrunners: | Jefferies LLC and Stifel, Nicolaus & Co., Inc.
|
| Dividend: | 6.75%
|
| Price: | Par of $25.00
|
| Yield: | 6.75%
|
| Call: | On or after June 18 2024 at par; prior to that, within 120 after a change-of-control event
|
| Pricing date: | June 11
|
| Settlement date: | June 18
|
| Distribution: | SEC registered
|
| Listing: | NYSE: AHHPrA
|
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