By Stephanie N. Rotondo
Phoenix, July 12 - Terreno Realty Corp. is issuing $40 million of 7.75% series A cumulative redeemable preferred stock, the company said in an FWP filed with the Securities and Exchange Commission on Thursday.
There is a $6 million over-allotment option.
The price per share is $25, and underwriters received a 78.75-cent discount per share.
Stifel, Nicolaus & Co. Inc. is the bookrunning manager. Robert W. Baird & Co. Inc. and KeyBanc Capital Markets LLC are the joint lead managers. Mitsubishi UFJ Securities (USA) Inc., PNC Capital Markets LLC and JMP Securities LLC are the co-managers.
Dividends will be payable quarterly on the last day of March, June, September and December. The first dividend will be paid Oct. 1.
The preferreds can be redeemed on or after July 19, 2017 or upon a change of control.
There is no stated maturity nor any sinking fund clause.
Terreno will apply to list the new preferreds on the New York Stock Exchange under the ticker symbol "TRNOPA." Settlement is expected July 19.
Proceeds will be used to reduce outstanding borrowings under a credit facility.
Terreno is a San Francisco-based real estate investment trust focused on industrial properties.
Issuer: | Terreno Realty Corp.
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Securities: | Series A cumulative redeemable preferred stock
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Amount: | $40 million, or 1.6 million shares
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Greenshoe: | $6 million, or 240,000 shares
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Dividend: | 7.75%
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Maturity: | Perpetual
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Call option: | On or after July 19, 2017 or in the event of a change of control
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Bookrunner: | Stifel, Nicolaus & Co. Inc.
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Lead managers: | Robert W. Baird & Co. Inc. and KeyBanc Capital Markets LLC
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Co-managers: | Mitsubishi UFJ Securities (USA) Inc., PNC Capital Markets LLC and JMP Securities LLC
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Pricing date: | July 12
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Settlement date: | July 19
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Expected listing: | NYSE: TRNOPA
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Cusip: | 88146M200
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