Gramercy Property Trust Prices a Preferred Offering

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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).

The details of this offering are here.

Thanks again to readers Jonathan, Mike and Larry for the heads up on this issue.

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