By Cristal Cody
Tupelo, Miss., Dec. 7 – Seritage Growth Properties priced $70 million of $25-par 7% series A cumulative redeemable perpetual preferred stock on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company sold 2.8 million shares. The deal includes an over-allotment option for 420,000 shares.
The liquidation preference is $25.00 per preferred.
Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus & Co. Inc. were the bookrunners.
The company plans to list the 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.
| Issuer: | Seritage Growth Properties
|
| Amount: | $70 million, 2.8 million shares
|
| Greenshoe: | 420,000 shares
|
| Description: | Cumulative redeemable preferred stock
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus & Co. Inc.
|
| Dividend: | 7%
|
| Price: | Par of $25.00
|
| Yield: | 7%
|
| Call features: | On or after Dec. 14, 2022 at $25.00 per share
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 14
|
| Distribution: | SEC registered
|
| Listing: | NYSE: SRGPrA
|
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