By Angela McDaniels
Tacoma, Wash., Jan. 14 - SL Green Realty Corp. reopened its 7.625% series C cumulative redeemable preferred stock to price $127 million of additional preferreds, according to a company news release.
The company priced 5.4 million preferreds at $23.53 each to yield 8.101%. The price includes accrued dividends.
Once the offering is complete, the company will have 11.7 million of the preferreds outstanding.
The preferreds have a liquidation preference of $25.00 each and are callable at par at any time.
Bank of America Merrill Lynch and Wells Fargo Securities are the joint bookrunners. Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint lead managers.
The offering is expected to close Jan. 20.
The proceeds will be used for general corporate and/or working capital purposes, which may include investment opportunities, debt repayment and purchases of the debt of SL Green subsidiaries in the open market from time to time.
The real estate investment trust is based in New York.
| Issuer: | SL Green Realty Corp.
|
| Issue: | Series C cumulative redeemable preferred stock
|
| Amount: | $127 million
|
| Bookrunners: | Bank of America Merrill Lynch, Wells Fargo Securities
|
| Joint lead managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Preferreds: | 5.4 million
|
| Dividends: | 7.625%
|
| Price: | $23.53
|
| Yield: | 8.101%
|
| Call option: | At par at any time
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 20
|
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