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Published on 2/28/2012 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.

New Issue: Inland Real Estate to take in $59 million from 8.125% preferred stock

By Stephanie N. Rotondo and Jennifer Chiou

New York, Feb. 28 - Inland Real Estate Corp. announced the pricing of a public offering of 2.4 million shares of its 8.125% series A cumulative redeemable preferred stock for net proceeds of about $59 million.

The company originally sold 2 million, or $50 million, of the preferreds on Oct. 3, and this reopening has a public offering price of $25.3906 per share for an effective yield of 8%.

The liquidation preference is $25 per preferred.

Wells Fargo Securities LLC is the bookrunning manager with Bank of America Merrill Lynch as senior co-manager, KeyBanc Capital Markets Inc. as co-manager and Deutsche Bank Securities Inc. and Macquarie Captial (USA) Inc. as junior co-managers.

Some directors, officers and other affiliates of the company may participate in the offering.

Cumulative dividends are paid monthly on the 15th.

The company cannot redeem the preferreds until Oct. 6, 2016 or in the event of a change of control.

There is no stated maturity or sinking fund clause.

Settlement is slated for March 2.

The preferreds trade on the New York Stock Exchange under the ticker symbol "IRCPrA." They closed at $25.9899 on Monday.

Proceeds will be used for additional property purchases and for general corporate purposes, including the repayment of debt under the company's credit line.

Inland Real Estate is an Oak Brook, Ill.-based real estate investment trust.

Issuer:Inland Real Estate Corp.
Securities:Series A cumulative redeemable preferred stock
Amount:$59 million (approximate net proceeds), or 2.4 million shares
Dividend:8.125%, payable monthly
Price:$25.3906
Effective yield:8%
Redemptions:Optional after Oct. 6, 2016; also in the event of a change of control
Bookrunner:Wells Fargo Securities LLC
Co-managers:Bank of America Merrill Lynch (senior); KeyBanc Capital Markets Inc.
Pricing date:Feb. 28
Settlement date:March 2
Expected listing:NYSE: IRCPrA

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