Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, December 5, 5:30 AM
|This Slide: #222 of 573|
Slide #222. CorEnergy Infrastructure Trust, Inc. — Preferred Stock Offering
CorEnergy Infrastructure Trust, Inc. (NYSE:CORR)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
CorEnergy Infrastructure Trust, Inc. ("CorEnergy" or the "Company") today announced a follow-on, underwritten public offering of its depositary shares, each representing 1/100th of a share of its 7.375% Series A Cumulative Redeemable Preferred Stock, which will pay quarterly dividends at an annual rate of $1.84375 per depositary share. The issuance will form a single series with, and have the same terms, as the Company's outstanding shares of Series A Preferred Stock. As of April 10, 2017, there were 2,250,000 depository shares outstanding. CorEnergy has granted the underwriters a 30-day option to purchase additional depositary shares of the preferred stock. -updated 4/12- CorEnergy Infrastructure Trust, Inc. ("CorEnergy" or the "Company") today announced the pricing of its previously announced follow-on, underwritten public offering. CorEnergy has agreed to sell 2,800,000 depository shares, each representing 1/100th of a share of its 7.375% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per depositary share. The gross proceeds of the offering are expected to be $70 million, before deducting underwriting discounts and other estimated offering expenses. CorEnergy has granted the underwriters a 30-day option to purchase up to an additional 420,000 depositary shares of the preferred stock, solely to cover overallotments. The offering is expected to close on or about April 18, 2017, subject to customary closing conditions. CorEnergy may redeem, at its option, the depositary shares at a redemption price of $25.00 per depositary share, plus all accrued and unpaid dividends, on or after January 27, 2020. The depositary shares are listed on the New York Stock Exchange under the symbol "CORRPrA."
CorEnergy Infrastructure Trust is a real estate investment trust focused on energy infrastructure. Co. owns and operates or leases energy midstream infrastructure connecting the upstream and downstream sectors within the industry. Co. is engaged in the transportation, via pipeline, of natural gas and crude oil for its customers in Missouri and California. Co.'s asset portfolio include Crimson Midstream Holdings, which is a crude oil transportation pipeline system, including active miles, and associated storage facilities located in southern California and the San Joaquin Valley. The pipeline network provides a link between California crude oil production and California refineries.
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Hold (2.00 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com