Winthrop Realty Trust plans reopening of 9.25% series D cumulative redeemable preferreds

By Stephanie N. Rotondo

Portland, Ore., March 19 - Winthrop Realty Trust is launching an add-on to its 9.25% series D cumulative redeemable preferred shares of beneficial interest, the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Original issuance occurred Nov. 28, 2011. The company issued 1.6 million shares at that time.

Dividends are payable quarterly on the last day of March, June, September and December. The preferreds become redeemable on or after Nov. 28, 2016.

There is also a change-of-control feature.

The underwriters have agreed to allocate at the same price as will be initially offered by the underwriters 5,000 shares to Michael Ashner - Winthrop's chief executive officer and chairman - and his spouse and adult children.

The preferreds are currently listed on the New York Stock Exchange under the ticker symbol "FURPD."

Barclays Capital Inc., Stifel, Nicolaus & Co. Inc. and Jefferies & Co. Inc. are the joint bookrunners. Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc. are acting as joint lead managers and JMP Securities LLC is acting as a co-manager.

Winthrop intends to use proceeds to fund future acquisitions, to pay down credit facility borrowings, to repurchase its common shares and for general working capital purposes, including funding capital expenditures, tenant improvements and leasing commissions.

Winthrop is a Boston-based real estate investment trust.

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