Cedar Realty Trust Commences Preferred Stock Offering

Cedar Realty Trust has commenced an offering to sell series C cumulative redeemable preferred stock through an underwritten public offering. The company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares initially sold to the public.

The proceeds will be used to partially redeem the company’s 7.25% series B cumulative redeemable preferred stock. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the company’s unsecured revolving credit facility.

Leave a Comment