By Cristal Cody
Tupelo, Miss., Nov. 6 – Rexford Industrial Realty, Inc. priced $75 million of $25.00-par series B cumulative redeemable preferred shares (Fitch: BB) with a 5.875% dividend on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold 3 million shares in the offering.
BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners.
The liquidation preference is $25.00 per share.
The preferreds become redeemable on and after Nov. 13, 2022 at $25.00 per share plus accrued dividends.
The company plans to list the new preferreds on the New York Stock Exchange under the ticker symbol “REXR Pr B.”
Proceeds will be used for acquisitions, repaying outstanding debt under Rexford’s revolving credit facility or other debt obligations, development or redevelopment activities and general corporate purposes.
Rexford is a Los Angeles-based real estate investment trust focused on industrial properties in southern California.
| Issuer: | Rexford Industrial Realty, Inc.
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| Amount: | $75 million, 3 million shares
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| Description: | Cumulative redeemable preferred stock
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| Maturity: | Perpetual
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| Bookrunners: | BofA Merrill Lynch and Morgan Stanley & Co. LLC
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| Senior co-managers: | Stifel, Nicolaus & Co., Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
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| Dividend: | 5.875%
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| Price: | $25.00 per share
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| Call features: | On and after Nov. 13, 2022 at $25.00 per share plus accrued dividends
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| Trade date: | Nov. 6
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| Settlement date: | Nov. 13
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| Ratings: | Fitch: BB
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| Distribution: | SEC registered
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