PORT WASHINGTON, N.Y., Sept. 11, 2012 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) today announced that it has priced an underwritten public offering of 4,200,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock at $23.9366 per share. Gross proceeds to the Company will be approximately $100.5 million. Closing of the offering is scheduled for September 14, 2012, subject to customary closing conditions. As part of the offering, the Company granted the underwriters a 30-day option to purchase an additional 630,000 shares.
The Company intends to use the net proceeds to redeem the Company's 8.875% Series A Cumulative Redeemable Preferred Stock. 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. BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers for the offering. Raymond James, RBC Capital Markets and Stifel Nicolaus Weisel are acting as joint lead managers. Credit Suisse, KeyBanc Capital Markets and MLV & Co. are acting as co-managers.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.
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