Monmouth starts at-the-market offering of up to $125 million of 6.125% series C preferreds

By James McCandless

San Antonio, Aug. 2 –Monmouth Real Estate Investment Corp. has entered into an agreement to sell up to $125 million of its $25-par 6.125% series C cumulative redeemable preferred stock, according to filings with the Securities and Exchange Commission.

The at-the-market sales agreement lists B. Riley FBR, Inc. as the distributor.

Sales will be by means of ordinary brokers’ transactions, at prices related to prevailing market prices or at negotiated prices.

B. Riley FBR, Inc. will receive a commission equal to 2% of the gross sale price of the shares of the series C preferred stock.

The preferreds are callable on or after September 15, 2021. Prior to that, they are callable within 90 days of a delisting event or within 120 days of a change of control.

The preferreds are listed on the New York Stock Exchange under the symbol “MNRPrC.”

Monmouth is a Freehold, N.J.-based real estate investment trust.

© 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.