By James McCandless
San Antonio, Feb. 13 – Medalist Diversified REIT, Inc. priced a $5 million offering of $25-par series A cumulative redeemable preferred stock with a dividend of 8% at par on Thursday, according to an FWP filing with the Securities and Exchange Commission.
There is a $750,000 greenshoe.
The deal, announced on Feb. 3, was downsized from an initial $20 million.
Aegis Capital Corp. is the bookrunner.
Dividends are payable on Jan. 25, April 25, July 25 and Oct. 25, starting on April 21, 2020.
The preferreds are redeemable on or after Feb. 19, 2022 at par. There is a mandatory redemption on Feb. 19, 2025.
Medalist plans to use the proceeds for acquiring additional properties, for working capital, for general corporate purposes and to repay outstanding debt.
The company plans to list the preferreds on the Nasdaq under the symbol “MDRRP.”
Medalist is a Richmond, Va.-based real estate investment trust.
| Issuer: | Medalist Diversified REIT, Inc.
|
| Description: | Series A cumulative redeemable preferred stock
|
| Amount: | $5 million, or 200,000 shares
|
| Greenshoe: | $750,000, or 30,000 shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Aegis Capital Corp.
|
| Dividend: | 8%
|
| Price: | Par of $25.00
|
| Yield: | 8%
|
| Call: | On or after Feb. 19, 2022 at par. There is a mandatory redemption on Feb. 19, 2025
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 19
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: MDRRP
|
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