Monmouth Real Estate’s 6.125% cumulative preferreds list on NYSE

By Stephanie N. Rotondo

Seattle, Sept. 14 – Monmouth Real Estate Investment Corp.’s $135 million of 6.125% series C cumulative redeemable preferred stock listed on the New York Stock Exchange on Wednesday.

The ticker symbol is “MNRPC.” The deal priced Sept. 6.

RBC Capital Markets, BMO Capital Markets and J.P. Morgan Securities LLC were the joint bookrunners. Wunderlich Securities Inc., Janney Montgomery Scott LLC and D.A. Davidson & Co. were the co-managers.

Dividends will be payable on the 15th day of March, June, September and December, beginning Dec. 15. The preferreds become redeemable on or after Sept. 15, 2021 or upon a change of control at par plus accrued dividends.

The preferreds can also be converted to common stock in the event of a change of control or a delisting event.

The Freehold, N.J.-based real estate investment trust is using proceeds to redeem the outstanding 7.625% series A cumulative redeemable preferreds (NYSE: MNRPA). Any remaining funds will be used to repay borrowings under an unsecured revolving credit facility, to purchase properties and to fund expansions of existing properties and for general corporate purposes.

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