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Equity Lifestyle Properties plans $100 million offering of 8.034% perpetual preferred stock
By Andrea Heisinger
New York, Feb. 28 - Equity Lifestyle Properties, Inc. announced a $100 million offering of 8.034% perpetual series A cumulative preferred stock on Monday, according to a 424B3 filing with the Securities and Exchange Commission and a market source.
A launch is expected Tuesday morning, the source said.
The preferreds are callable at $25 plus accrued and unpaid interest if a change-of-control triggering event occurs.
Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC are the bookrunners.
The preferreds are being sold by Belair Real Estate Corp., Belcrest Realty Corp., Belmar Realty Corp., Belport Realty Corp., Belrose Realty Corp., Belvedere Equity Real Estate Corp., Belshire Realty Corp. and Belterra Realty Corp.
Board members and senior management are expected to buy about 5% of the offering.
The real estate investment trust for lifestyle properties is based in Chicago.
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