PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Fri, April 26, 1:52 PM
| This Slide: #269 of 620 |
Slide #269. CorEnergy Infrastructure Trust, Inc. — Preferred Stock Offering
Company:
CorEnergy Infrastructure Trust, Inc. (NYSE:CORR)
Date announced:
4/11/2017
Shares Offered:
2,800,000
Date of Pricing:
4/12/2017
Price Per Share:
$25.00
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 energy midstream infrastructure connecting the upstream and downstream sectors within the industry. Co. is engaged in the transportation, via pipeline, of crude oil and natural gas for its customers in California and Missouri. Co.'s asset portfolio includes Crimson Midstream Holdings Pipeline System, which is a crude oil transportation pipeline system; MoGas Pipeline System, which is an interstate natural gas pipeline in and around St. Louis and extending into central Missouri; and Omega Pipeline System, which is a natural gas distribution system.
Preferred: CORR.PRA
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Avg. Broker Rec.
 
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Hold (2.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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