Medalist plans up to $20 million 8% $25-par cumulative preferreds

By James McCandless

San Antonio, Feb. 3 – Medalist Diversified REIT, Inc. plans to price an offering of up to $20 million $25-par series A cumulative redeemable preferred stock with a dividend of 8%, according to a filing with the Securities and Exchange Commission.

Aegis Capital is the bookrunner.

Medalist plans to use the proceeds for acquiring additional properties, for working capital, for general corporate purposes and to repay outstanding debt.

The company plans to list the preferreds on the Nasdaq under the symbol “MDRRPrA.”

Medalist is a Richmond, Va.-based real estate investment trust.

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