Power REIT to issue series A cumulative redeemable preferred stock

By Stephanie N. Rotondo

Phoenix, Oct. 18 - Power REIT is planning a sale of series A cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Friday.

The company plans to market and place the deal directly but could retain placement agents or underwriters to help it find prospective buyers.

Dividends will be payable on the 15th day of March, June, September and December, beginning March 15, 2014. The company can redeem the preferreds beginning in 2018 at par plus accrued dividends.

The company can also call the preferreds in the event of a delisting event of change of control.

If the preferred shares are not listed on any exchange by 2018, the company will be required to redeem the stock in full.

Proceeds will be used for acquisitions, to retire debt or for working capital.

The real estate investment trust is based in Old Bethpage, N.Y.

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