PORT WASHINGTON, N.Y., Feb. 7, 2013 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE :CDR ) today announced that it has priced an underwritten public offering of 2,000,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock at $24.5813 per share. Gross proceeds to the Company will be approximately $47.6 million. Closing of the offering is scheduled for February 12, 2013, subject to customary closing conditions. As part of the offering, the Company granted the underwriters a 30-day option to purchase an additional 300,000 shares.
The Company intends to use the net proceeds from the offering to redeem all the remaining outstanding shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, with the balance to be used for working capital and other corporate purposes. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the Company's secured revolving credit facility.
The shares of Series B 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 May 22, 2017, at a redemption price of $25.00 per share plus accrued and unpaid distributions, as well as, prior to May 22, 2017, under certain other circumstances. The Series B Preferred Stock is listed on the New York Stock Exchange under the symbol "CDR PrB."
The offering was made pursuant to a shelf registration. A final prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. Wells Fargo Securities and BofA Merrill Lynch acted as joint book-running managers for the offering. MLV & Co. acted as a co-manager.
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 may be made only by means of a prospectus and related prospectus supplement. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may be obtained from Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attention: Capital Markets Client Support, by telephone by calling (800) 326-5897 or e-mail request to email@example.com or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 7th Floor, New York, NY 10038, attention: Prospectus Department, by phone by calling (800) 294-1322 or e-mail request to firstname.lastname@example.org.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of approximately 10 million square feet of GLA.
Statements 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 SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in forward-looking statements.
SOURCE Cedar Realty Trust, Inc.