6.25% Series B Term Preferred Stock Due 2023 (PRIF.PRB)
Prospectus excerpt: We are offering 900,000 shares of our 6.25% Series B Term Preferred Stock due 2023, or the ìSeries B Term Preferred Stock.î We are required to redeem all outstanding shares of the Series B Term Preferred Stock on December 31, 2023, at a redemption price of $25 per share, or the ìLiquidation Preference,î plus accumulated but unpaid dividends, if any, to, but excluding, the Redemption Date (as defined below). See ìDescription of the Series B Term Preferred Stock - Redemption - Term Redemption.î At any time after October 23, 2020 we may, at our sole option, redeem the outstanding shares of the Series B Term Preferred Stock at a redemption price per share equal to the Liquidation Preference plus accumulated but unpaid dividends, if any, to, but excluding, the Redemption Date. See ìDescription of the Series B Term Preferred Stock - Redemption - Optional Redemption.î In addition, if we fail to maintain an asset coverage ratio of at least 200%, we will be required to redeem the number of shares of our preferred stock (which at our discretion may include any number or portion of the Series B Term Preferred Stock) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, (1) results in us having asset coverage of at least 200%, or (2) if fewer, the maximum number of shares of preferred stock that can be redeemed out of funds legally available for such redemption. See ìDescription of the Series B Term Preferred Stock - Redemption - Mandatory Redemption for Asset Coverage.î We intend to pay quarterly dividends on the Series B Term Preferred Stock, when, as and if authorized by, or under authority granted by, the Companyís Board of Directors, and declared by us out of funds legally available therefor, at an annual rate of 6.25% of the Liquidation Preference, or $1.5625 per share per year, for the shares of Series B Term Preferred Stock. Quarterly dividends are scheduled to be paid on March 31, June 30, September 30 and December 31 of each year. The Series B Term Preferred Stock ranks senior in right of payment to our common stock, ranks equally in right of payment with our 6.375% Series A Term Preferred Stock due 2025, or the ìSeries A Term Preferred Stock,î and with any shares of preferred stock we may issue in the future and is subordinated in right of payment to our existing and future senior indebtedness. Each holder of the Series B Term Preferred Stock is entitled to one vote on each matter submitted to a vote of our stockholders, and the holders of all of our
|
|
Free Email Alerts: Get Dividend Alerts Get SEC Filing Alerts |
|