Deal consists of 7% redeemable series A convertible preferred stock
By Toni Weeks
San Diego, May 15 - American Realty Capital Properties, Inc. sold 545,454 shares of series A convertible preferred stock for an aggregate purchase price of $6 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 7% preferreds are convertible into common shares after one year at a conversion price equal to the market value of the common stock. They may be redeemed at any time at $11 per share.
American Realty, based in New York, is a real estate investment company.
| Issuer: | American Realty Capital Properties, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $6 million
|
| Shares: | 545,454
|
| Dividends: | 7%
|
| Conversion price: | Market value
|
| Call: | Yes, at $11 per share
|
| Warrants: | No
|
| Pricing date: | May 3
|
| Settlement date: | May 11
|
| Stock symbol: | Nasdaq: ARCP
|
| Stock price: | $11.04 at close May 2
|
| Market capitalization: | $78.19 million
|
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