Gramercy Property Trust Prices a Preferred Offering
By: Tim McPartland,
August 13, 2014 – 4:05 pm
Gramercy Property Trust (ticker:GPT) (a REIT) has priced a cumulative redeemable preferred offering. Of course the issue is a perpetual issue and as such we have no interest at this point in time.
There are 3,500,000 shares in the offering and it has been priced at 7.125%. The shares will begin trading on the OTC grey market beginning tomorrow (Thursday).
Gramercy will use the proceeds of this offering to redeem their series A preferred shares which they have announced in the last hour. The redemption date on GPT-A will be September 12, 2014 at $25.32/share ($25 plus accrued dividends).
Thanks again to readers Jonathan, Mike and Larry for the heads up on this issue.