Prospectus excerpt: We are offering 555,789 shares of our 10% Series A Cumulative Redeemable Perpetual Preferred Stock, which we refer to as the Series A preferred stock.
Dividends on the Series A preferred stock are cumulative from the date of original issue and will be payable on the last day of each calendar month commencing July 31, 2014 when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefor at an initial rate equal to 10% per annum per $25.00 of stated liquidation preference per share, or $2.50 per share of Series A preferred stock per year.
Commencing on June 16, 2017, we may redeem, at our option, the Series A preferred stock, in whole or in part, at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. The Series A preferred stock has no stated maturity, will not be subject to any sinking fund or other mandatory redemption, and will not be convertible into or exchangeable for any of our other securities.