Fortress Biotech to sell more $25-par 9.375% cumulative preferreds

By James McCandless

San Antonio, Jan. 27 – Fortress Biotech, Inc. plans to sell more of its $25-par 9.375% series A cumulative redeemable perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Benchmark Co., LLC and ThinkEquity are the joint bookrunners.

Dividends will be payable on March 31, June 30, Sept. 30 and Dec. 31, starting on March 31, 2020.

The preferreds are redeemable on or after Dec. 15, 2022 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.

Fortress Biotech plans to use the proceeds for its operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, and working capital.

On Monday morning, the preferreds (Nasdaq: FBIOP) were falling 20 cents to $20.80 on volume of about 13,000 shares.

Fortress Biotech is a New York-based pharmaceutical and biotechnology products developer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.