Armada Hoffler greenshoe ups $25-par preferreds to $63.25 million

By Sarah Lizee

Olympia, Wash., June 18 – Underwriters for Armada Hoffler Properties, Inc.’s $25-par series A cumulative redeemable perpetual preferred stock fully exercised their $8.25 million greenshoe, bringing the total deal size to $63.25 million, according to a press release.

As previously reported, the company announced on June 10 that it had priced $55 million of the perpetual preferreds with a dividend of 6.75%.

Jefferies LLC and Stifel, Nicolaus & Co., Inc. were 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.

© 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.