Willamette Valley Winery selling up to $10 million of 5.3% cumulative redeemable preferred stock

By Stephanie N. Rotondo

Seattle, May 3 – Willamette Valley Vineyards, Inc. is offering up to $10 million of its 5.3% series A cumulative preferred stock (Nasdaq: WVVIP), the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

The liquidation preference of the shares is $4.15 per share. During the offering period – which is slated to end March 31, 2018 – the shares will be offered at a premium to their par value.

For May 3 to June 30, the shares will be sold at $4.35 apiece. From July 1 to Sept. 30, the price is $4.45 each. For Oct. 1, 2017 through Dec. 31, 2017, the price per share is $4.55, and from Jan. 1, 2018 to March 31, 2018, it is $4.65 a share.

The minimum purchase is 350 shares, and the maximum is 2,300 shares.

The preferreds are redeemable in whole after June 1, 2021. The redemption price is $4.2745 per share, or 103% of the original issue price, plus accrued dividends.

Proceeds will be used to support vineyard and winery developments and may also be used for working capital purposes.

Willamette Valley Vineyards is based in Turner, Ore.

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