Seritage Growth Properties to price cumulative redeemable preferreds

By Devika Patel

Knoxville, Tenn., Dec. 7 – Seritage Growth Properties is offering series A cumulative redeemable preferred stock, according to a 424B5 filed with the Securities and Exchange Commission.

The liquidation preference is $25.00 per preferred.

Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus & Co. Inc. are the joint bookrunners.

Dividends will be cumulative and payable on the 15th day of January, April, July and October of each year. The preferreds become redeemable in December 2022 at par plus accrued dividends.

The company plans to list the new preferreds on the New York Stock Exchange under the ticker symbol “SRGPrA.”

Proceeds will be used for the company's redevelopment pipeline and general trust purposes.

Seritage is a real estate investment trust formed by Hoffman Estates, Ill.-based Sears Holdings.

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