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Power REIT launches $3.75 million at-the-market offering of preferreds
By Angela McDaniels
Tacoma, Wash., Nov. 6 - Power REIT plans to sell up to $3.75 million of 7.75% series A cumulative redeemable perpetual preferred stock through an at-the-market offering, according to a 424B5 filing with the Securities and Exchange Commission.
The company plans to sell up to 150,000 preferreds at par of $25.
The preferreds will be sold from time to time directly to investors, although the company said it may choose to retain a placement agent or underwriter.
The preferreds are redeemable at par beginning Nov. 30, 2018. They are also callable at par upon a change of control or delisting event.
If the preferreds are not listed on the New York Stock Exchange, NYSE MKT or Nasdaq by Oct. 1, 2018, the company must redeem them at par.
Proceeds will be used to acquire real property infrastructure assets through one or more subsidiaries, partnerships or joint ventures. Proceeds may also be used to retire debt or for working capital purposes.
Power is a Bethpage, N.Y.-based real estate investment trust that develops, acquires and manages transportation and energy infrastructure real estate assets.
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