STAG Industrial to repay loan with preferred stock proceeds

By Tali David

Minneapolis, April 9 - STAG Industrial Inc. plans to use the proceeds of a series B preferred stock offering to repay debt outstanding under its credit facility, according to a 424B5 filed with the Securities and Exchange Commission.

The size of the preferred stock offering was not immediately disclosed.

STAG will contribute the proceeds of the preferred stock sale to its operating partnership in exchange for series B preferred units.

The operating partnership will then use the proceeds from the offering to pay down the facility, to fund acquisitions currently under contract and for general working capital purposes or a combination of the foregoing.

STAG is a Boston-based real estate company.

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