By Stephanie N. Rotondo
Seattle, Aug. 9 – Rexford Industrial Realty Inc. priced $90 million of 5.875% series A cumulative redeemable preferred stock at par of $25.00, the company said in a press release on Tuesday.
The deal was first announced on Monday, with price talk at 6%. The issue came upsized from $75 million.
BofA Merrill Lynch and Wells Fargo Securities LLC are the joint bookrunners.
Dividends will be payable on the last day of March, June, September and December, beginning Dec. 31. The preferreds cannot be redeemed until 2021 at par plus accrued dividends.
There is also a change-of-control feature.
The Los Angeles-based real estate investment trust will contribute proceeds to the operating partnership in exchange for series A preferred units. The operating partnership will then use the funds for potential acquisitions and for general corporate purposes.
| Issuer: | Rexford Industrial Realty Inc.
|
| Securities: | Series A cumulative redeemable preferred stock
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| Amount: | $90 million, or 3.6 million shares
|
| Maturity: | Perpetual
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| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Senior co-managers: | Capital One Securities, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, Stifel Nicolaus & Co. Inc., U.S. Bancorp Investments Inc.
|
| Dividend: | 5.875%
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| Price: | Par of $25.00
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| Yield: | 5.875%
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| Talk: | 6%
|
| Call options: | In 2021 at par pus accrued dividends
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 16
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| Expected listing: | NYSE: REXRPA
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