Kite Realty Group to issue perpetual preferred shares at $25 each

By Andrea Heisinger

New York, Nov. 29 - Kite Realty Group Trust is planning a sale of perpetual series A cumulative preferred shares, according to a 424B5 filing Monday with the Securities and Exchange Commission.

The issuance is expected to be Tuesday's business, a source said.

The preferreds will be priced at $25 each and are callable from December 2015 onward.

Citigroup Global Markets Inc. and Raymond James & Associates are the bookrunners.

Joint lead managers are KeyBanc Capital Markets Inc. and RBC Capital Markets Corp.

The co-manager is Janney Montgomery Scott.

The proceeds are being used to repay an unsecured term loan, with any remainder for working capital and general corporate purposes. Those uses may include acquisition of properties and to repay borrowings under a revolving credit facility.

The owner and operator of shopping centers and commercial real estate is based in Indianapolis.

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