This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cedar Realty Trust Prices Offering Of Its 7.25% Series B Cumulative Redeemable Preferred Stock

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,104.82 -27.04 -0.16%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,818.2710 -20.3720 -0.42%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs