By Andrea Heisinger
New York, March 1 - Equity Lifestyle Properties, Inc. priced an upsized $200 million, or 8 million shares, of 8.034% perpetual series A cumulative preferred stock early on Tuesday at $24.75 per share, according to a market source and a press release.
The offering was announced on Monday in a 424B3 filing with the Securities and Exchange Commission. A source had said that the minimum size was $100 million but that it had been expected to grow.
The preferreds have a liquidation preference at $25.00 and priced to yield 8.115%.
The preferreds are callable at $25.00 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.
Senior co-manager was RBC Capital Markets Corp. Co-managers were BB&T Capital Markets LLC and Janney Montgomery Scott LLC.
The company will not receive any proceeds from the sale. Prior to the closing of the offering, the selling stockholders will exchange a total of $200 million liquidation preference of existing preferred units of MHC Operating LP, the company's operating partnership subsidiary, for $200 million liquidation preference of series A preferred stock. The selling stockholders will receive all of the net proceeds from the sale of the series A preferred stock in the offering.
The real estate investment trust for lifestyle properties is based in Chicago.
| Issuer: | Equity Lifestyle Properties, Inc.
|
| Issue: | Series A cumulative preferred stock
|
| Amount: | $200 million (8 million shares), increased from $100 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., Wells Fargo Securities LLC
|
| Senior co-manager: | RBC Capital Markets Corp.
|
| Co-managers: | BB&T Capital Markets LLC, Janney Montgomery Scott LLC
|
| Dividend: | 8.034%
|
| Price: | $24.75
|
| Liquidation preference: | $25.00
|
| Yield: | 8.115%
|
| Call: | At $25.00 plus accrued and unpaid interest
|
| Change-of-control put: | If a triggering event occurs
|
| Trade date: | March 1
|
| Settlement date: | March 4
|
© 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.
