By Jennifer Chiou
New York, June 28 - Windrose Medical Properties Trust said it priced $52.5 million of 7.5% series A cumulative perpetual preferred shares with a 16.3% initial conversion premium.
The company is selling 2.1 million shares at $25.00 per share.
Each preferred share will be convertible into Windrose common stock at a conversion price of $15.75, a conversion rate of 1.5873 common shares per series A preferred share. Windrose stock closed at $13.54 Monday.
The preferred have no stated maturity, but the company may redeem them at $25.00 per share plus any accrued dividends after five years.
Proceeds will go towards repaying indebtedness and for general corporate purposes, including funding future acquisitions.
Cohen & Steers Capital Advisors, LLC was placement agent.
Windrose has applied to list the preferred shares on the New York Stock Exchange as "WRS PrA."
Indianapolis-based Windrose is a self-managed real estate investment trust.
| Issuer: | Windrose Medical Properties Trust
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| Issue: | Series A cumulative perpetual preferred stock
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| Amount: | $52.5 million
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| Shares: | 2.1 million
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| Maturity: | Perpetual
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| Dividend: | 7.5%
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| Price: | Par of $25.00
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| Yield: | 7.5%
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| Conversion premium: | 16.3%
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| Conversion price: | $15.75
|
| Call: | After five years at par
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| Pricing date: | June 27
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| Placement agent: | Cohen & Steers Capital Advisors, LLC
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