Bluerock to list its 7.625% cumulative redeemable preferreds on NYSE on Thursday

By Stephanie N. Rotondo

Seattle, July 19 – Bluerock Residential Growth REIT Inc.’s $50 million of 7.625% series C cumulative redeemable preferred stock will begin trading on the New York Stock Exchange on Thursday, according to a market source.

The ticker will be “BRGPC.” The deal priced July 12.

Janney Montgomery Scott LLC, D.A. Davidson & Co. and FBR Capital Markets were the joint bookrunners. Boenning & Scattergood, Inc. and William Blair & Co. were the co-managers.

Dividends will be payable on the fifth day of January, April, July and October, beginning Oct. 5. Beginning July 19, 2023, the dividend will increase by 2% and then by 2% for every year thereafter, up to a maximum of 14%.

The company can redeem the issue beginning July 19, 2021, or upon a change of control or in order to remain in compliance with a 200% asset coverage ratio. Holders can cause a redemption on or after July 19, 2023. In any event, the redemption price is par plus accrued dividends.

The New York-based real estate investment trust intends to use the proceeds for future investments and acquisitions and for other general corporate purposes and working capital needs.

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