SL Green Realty Corp. (NYSE: SLG) has priced an underwritten public offering of 5,400,000 shares of 7.625% Series C Cumulative Redeemable Preferred Stock. Following the completion of the offering, the company will have 11,700,000 shares of 7.625% Series C Cumulative Redeemable Preferred Stock outstanding.
The Series C preferred stock has a liquidation preference of $25.00 per share and are redeemable at par, plus unpaid and accrued dividends, at any time at the option of the company.
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The shares were priced at $23.53 per share and include accrued dividends equal to a yield of 9.101%. The company plans to use its proceeds of $122.6 million for general working capital purposes.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche.
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