By Stephanie N. Rotondo
Phoenix, April 9 - STAG Industrial Inc. brought a $62.5 million offering of 6.625% series B cumulative redeemable preferred stock on Tuesday.
There is a $7.5 million greenshoe.
Raymond James & Associates Inc., BofA Merrill Lynch, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunning mangers.
The company can redeem the preferreds beginning April 16, 2018 at par.
There is also a change-of-control feature.
The Boston-based real estate company will contribute proceeds to its operating partnership, which will then use the funds to pay down a credit facility, to fund acquisitions, for general working capital purposes or a combination thereof.
| Issuer: | STAG Industrial Inc.
|
| Securities: | Series B cumulative redeemable preferred stock
|
| Amount: | $62.5 million, or 2.5 million shares
|
| Greenshoe: | $7.5 million, or 300,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Raymond James & Associates Inc., BofA Merrill Lynch, RBC Capital Markets LLC and Wells Fargo Securities LLC
|
| Dividend: | 6.625%, payable quarterly
|
| Price: | Par of $25
|
| Yield: | 6.625%
|
| Call options: | On or after April 16, 2018 at par or in the event of a change of control
|
| Pricing date: | April 9
|
| Settlement date: | April 16
|
| Expected listing: | NYSE: STAGPB
|
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