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Glimcher Realty Trust (NYSE: GRT) today announced that it has priced the underwritten public offering of 3,600,000 of its 7.5% Series H Cumulative Redeemable Preferred Shares (the “Series H Preferred Shares”) at $25.00 per share. The offering is expected to close on August 10, 2012, subject to customary closing conditions. Distributions on the Series H Preferred Shares will be paid quarterly at a rate of 7.5% per annum of the liquidation preference of $25.00 per share, which is equivalent to $1.875 per share on an annualized basis. The underwriters for the public offering have been granted a 30-day option to purchase up to 400,000 additional Series H Preferred Shares to cover overallotments, if any.
The estimated net proceeds from the offering are expected to be approximately $86.7 million, after deducting the underwriting discount and our estimated expenses, but before giving effect to any exercise of the underwriters’ option to purchase additional shares. The Company intends to use the net proceeds from the offering after deducting the underwriting discount and estimated offering expenses, to redeem a portion of its outstanding preferred securities, and to the extent any excess proceeds are available, for general corporate purposes, which may include repaying outstanding indebtedness under the Company’s credit facility.
The Company intends to file an application to list the Series H Preferred Shares on the New York Stock Exchange. If the application is approved, trading of the Series H Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series H Preferred Shares. Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering. The Huntington Investment Company, KeyBanc Capital Markets, Inc., Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated, are acting as co-managers for the offering.