Cedar Realty to redeem its 8 7/8% preferreds with offering proceeds

By Tali David

Minneapolis, May 10 - Cedar Realty Trust plans to redeem its 8 7/8% series A cumulative redeemable preferred stock with proceeds from the new offering, according to a filing with the Securities and Exchange Commission.

Pending the redemption the net proceeds will be used to reduce amounts outstanding under its secured revolving credit facility.

The company also expects to redeem additional amounts of its series A preferreds, from time to time, in the near term, the filing says.

Cedar Realty Trust is a Port Washington, N.Y.-based real estate investment trust that focuses primarily on the ownership and operation of supermarket-anchored shopping centers straddling the Washington D.C. to Boston corridor.

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