PORT WASHINGTON, N.Y.,
Dec. 13, 2017 /PRNewswire/ -- Cedar
Realty Trust, Inc. (NYSE: CDR) (the "Company") announced it has
priced an underwritten public offering of 2,000,000 shares of its
6.50% Series C Cumulative Redeemable Preferred Stock ("Series C
Preferred Stock") at $25.00 per
share. The shares of Series C Preferred Stock sold in the offering
are a further issuance of the Series C Preferred Stock issued by
the Company on August 24, 2017. Gross
proceeds to the Company will be approximately $50,000,000. Closing of the offering is scheduled
for December 15, 2017, subject to
customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to an additional
300,000 shares of Series C Preferred Stock.
The Company intends to use the net proceeds from the offering to
partially redeem the Company's 7.25% Series B Cumulative Redeemable
Preferred Stock. Pending such use, the net proceeds will be used to
temporarily repay amounts outstanding under the Company's unsecured
revolving credit facility.
The shares of Series C Preferred Stock have a liquidation
preference of $25.00 per share, have no stated maturity,
are not subject to any sinking fund and are redeemable, at the
Company's option, beginning on August 24, 2022, at a
redemption price of $25.00 per share plus accrued and
unpaid dividends, as well as prior to August
24, 2022 under certain other circumstances. The Series C
Preferred Stock is listed on the New York Stock Exchange under the
symbol "CDR PrC."
Raymond James & Associates,
Inc. and KeyBanc Capital Markets Inc. are acting as joint
book-running managers for the offering, and B. Riley FBR, Inc.,
Robert W. Baird & Co. Incorporated, BB&T Capital Markets, a
division of BB&T Securities, LLC, Capital One Securities, Inc.
and TD Securities (USA) LLC are
acting as co-managers for the offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any offer or
sale of, these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful.
The offering was made by means of an effective registration
statement, a prospectus and a related prospectus supplement. When
available, copies of the final prospectus supplement and the
accompanying prospectus relating to these securities may be
obtained from Raymond James &
Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity
Syndicate, by telephone by calling (800) 248-8863 or e-mail request
to prospectus@raymondjames.com or KeyBanc Capital Markets Inc., 127
Public Square, Cleveland, OH
44114, Attention: Debt Capital Markets, by telephone by
calling (888) 539-1057.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate
investment trust which focuses on the ownership, operation and
redevelopment of grocery-anchored shopping centers in high-density
urban markets from Washington,
D.C. to Boston. At
September 30, 2017, the Company's
portfolio (excluding properties treated as "held for sale")
comprised 61 properties, with approximately 9.0 million square
feet of gross leasable area.
Forward-Looking Statements
Statements made in this press release that are not strictly
historical are "forward-looking" statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance and outcomes to
differ materially from those expressed or implied in
forward-looking statements. Please refer to the documents filed by
Cedar Realty Trust, Inc. with the Securities and Exchange
Commission (the "SEC"), specifically the Company's Annual Report on
Form 10-K for the year ended December 31,
2016, as it may be updated or supplemented in the Company's
Quarterly Reports on Form 10-Q and the Company's other filings with
the SEC, which identify important risk factors that could cause
actual results to differ from those contained in forward-looking
statements.
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SOURCE Cedar Realty Trust, Inc.