- The Company will not have the right to call the Series C Shares (and, therefore, the Depositary Shares) for redemption until September 7, 2017 (a no-call period of approximately five years, as compared to the Series A Shares , which are callable for redemption at any time), except upon certain transactions involving a change in control of the Company;
- The dividend rate on the Series C Shares as represented by the Depositary Shares will be 6.75% (as compared to 8.034% on the Series A Shares); and
- There are certain other minor differences described in the Offer to Exchange dated August 9, 2012 (the " Offer to Exchange").
ELS Announces Exchange Offer For Series A Preferred Stock
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