By Stephanie N. Rotondo
Phoenix, Aug. 7 - SL Green Realty Corp. priced an upsized $200 million offering of 6.5% series I cumulative redeemable perpetual preferred shares, a trader reported on Tuesday.
The deal was expected to be $100 million. Pricing came at the low end of talk.
Wells Fargo Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Securities LLC are the joint bookrunners.
Dividends are payable on the 15th day of January, April, July and October.
The preferreds (Ba2/B+/BB-) are redeemable on or after Aug. 10, 2017.
SL Green will apply to list the new series of preferreds on the New York Stock Exchange under the symbol "SLGPI." Settlement is expected Friday.
Proceeds will be contributed to the company's operating partnership in exchange for an equal number of series I cumulative redeemable preferred units. The operating partnership will use all or a portion of the net proceeds received by it to pay the redemption price and other amounts due upon its expected redemption of all or a portion of outstanding series C preferred stock, although no action has been taken and the company is under no obligation to do so. Any remaining proceeds may be used to repay outstanding debt and for general corporate purposes.
SL Green is a New York-based real estate investment trust.
| Issuer: | SL Green Realty Corp.
|
| Securities: | Series I cumulative redeemable preferred stock
|
| Amount: | $200 million, or 8 million shares
|
| Dividend: | 6.5%
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Securities LLC
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 10
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's B+
|
| Fitch: BB-
|
| Expected listing: | NYSE: SLGPI
|
| Cusip: | 78440X507
|
© 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.
