By Stephanie N. Rotondo
Phoenix, March 18 – Wheeler Real Estate Investment Trust Inc. is conducting a $90 million private placement of its 15% series C mandatorily convertible cumulative perpetual preferred stock.
Compass Point Research & Trading LLC is acting as the placement agent. The agreement was signed March 12.
The company will issue 90,000 of the shares at $1,000 per share, the company said in an 8-K filed on Wednesday.
The conversion price will be $2.00 per share.
The mandatory redemption date is March 19, 2018.
The sale is expected to close on Thursday.
Wheeler is a Virginia Beach-based REIT.
| Issuer: | Wheeler Real Estate Investment Trust Inc.
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| Issue: | Series C mandatorily convertible cumulative perpetual preferred stock
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| Amount: | $90 million
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| Maturity: | March 19, 2018
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| Dividend: | 15%
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| Price: | Liquidation preference of $1,000
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| Call: | Greater of 105% of conversion value or 105% of liquidation preference for first year, after that greater of 100% of conversion value or 100% of liquidation preference
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| Mandatory conversion: | On approval by holders of common stock of conversion of series C preferreds
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| Conversion price: | $2.00
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| Pricing date: | March 12
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| Settlement: | March 19
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| Placement agent: | Compass Point Research & Trading LLC (lead), Maxim Group
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| Distribution: | Regulation D
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