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Colony NorthStar’s 7.125% cumulative preferreds admitted to NYSE
By Stephanie N. Rotondo
Seattle, Sept. 27 – Colony NorthStar Inc.’s $315 million of 7.125% series J cumulative redeemable preferred stock began trading on the New York Stock Exchange on Wednesday.
The ticker symbol is “CLNSPrJ.”
The company initially sold $275 million of the preferreds on Sept. 13. On Sept. 18, the company said its $40 million greenshoe had been fully exercised, bringing the total amount outstanding to $315 million.
Price talk was 7.125%. The original deal was increased from an expected $100 million.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and RBC Capital Markets LLC were the joint bookrunners.
Dividends will be payable on a quarterly basis. The preferreds become redeemable in 2022, or upon a change of control, at par plus accrued dividends.
Proceeds will be used to redeem some of the company’s 8.25% series B cumulative redeemable preferreds (NYSE: CLNSPrB) and all of its 8.875% series C cumulative redeemable preferreds (NYSE: CLNSPrC). Any remaining funds will be used for general corporate purposes.
Colony NorthStar is a real estate investment trust with offices in Los Angeles and New York.
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