Winthrop Realty Trust plans $50 million sale of cumulative preferreds

By Andrea Heisinger

New York, Nov. 14 - Winthrop Realty Trust will price $50 million, or 2 million shares, of series D cumulative redeemable preferred stock at par of $25, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The preferreds are being talked at a yield of 9.25%, a market source said late in the afternoon. Pricing is expected in the next day or two.

The preferreds will be callable starting in 2016. There is also a change-of-control provision at par plus accrued dividends.

Barclays Capital Inc. and Stifel Nicolaus Weisel are running the books.

Proceeds are being contributed to the company's operating partnership in exchange for preferred units of partnership interest. The net proceeds will be used to fund future acquisitions, pay down borrowings under a credit facility, repurchase common stock shares and/or for general working capital purposes including funding capital expenditures, tenant improvements and leasing commissions.

The real estate investment trust is based in Boston.

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