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.