Bluerock eyes $500 million 6% $25-par redeemable preferreds on best-efforts basis

By Wendy Van Sickle

Columbus, Ohio, April 1 – Bluerock Homes Trust, Inc. plans to price a $500 million offering of 6% $25-par series A redeemable preferred stock on a best-efforts basis in an offering period that runs through June 28, 2025 and may be extended through June 28, 2026, according to a filing with the Securities and Exchange Commission.

Bluerock Capital Markets, LLC is the dealer manager.

Proceeds are planned to be used for future investments and acquisitions and for other general corporate and working capital purposes, which may include the funding of capital improvements.

The company may redeem the shares at par plus accrued dividends after two years.

Holders may require the company to redeem the shares at a redemption fee of 12% for the first year, stepping down to 9% for the second, 6% for the third and 3% for the fourth. Starting in the fifth year, there is no redemption fee.

The company does not intend to list the preferreds on any national securities exchange.

Bluerock is a New York-based real estate investment trust.

© 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.