Colony NorthStar’s 7.15% cumulative preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, June 7 – Colony NorthStar Inc.’s 7.15% series I cumulative redeemable perpetual preferred stock began trading on the New York Stock Exchange on Wednesday, according to a market source.

The ticker symbol is “CLNSPrI.”

The company priced the upsized $300 million offering on May 24. The deal had been increased from $100 million. On May 31, a $45 million greenshoe was fully exercised, bringing the total amount outstanding to $345 million.

Initial price talk was 7.25%.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC were the joint bookrunners.

Dividends are payable quarterly. The preferreds become redeemable in June 2022 at par plus accrued dividends. The issue can also be called upon a change of control.

Proceeds of the offering will be used to redeem the company’s 8.75% series A cumulative redeemable perpetual preferred stock and its outstanding 8.5% series F cumulative redeemable perpetual preferred stock. Any remaining proceeds will be used for general corporate purposes.

Colony NorthStar is a Los Angeles-based real estate investment trust.

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