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Bluerock Residential’s 7.125% cumulative preferreds list on NYSE
By Stephanie N. Rotondo
Seattle, Oct. 17 – Bluerock Residential Growth REIT Inc.’s $67.5 million of 7.125% series D cumulative preferred stock listed on the New York Stock Exchange on Monday.
The ticker symbol is “BRGPD.”
The deal priced Oct. 5. Price talk was 7%.
There is a $10.125 million over-allotment option.
Janney Montgomery Scott LLC, D.A. Davidson & Co. and Oppenheimer & Co. were the joint bookrunners. BB&T Capital Markets acted as co-lead manager, with Boenning & Scattergood Inc., JMP Securities and William Blair & Co. participating as co-managers.
Dividends will be payable on the fifth day of January, April, July and October, beginning Jan. 5. The preferreds become redeemable on or after Oct. 13, 2021 at par plus accrued dividends.
The company can also redeem the issue upon a change of control or delisting event.
The New York-based real estate investment trust plans to use the proceeds for future multifamily acquisitions and investment and for other general corporate and working capital purposes. That may include capital expenditures.
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