CorEnergy Announces Closing of Offering of 2.8 Million Depositary Shares Representing 7.375% Series A Cumulative Redeemable P...
April 18 2017 - 4:30PM
Business Wire
CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the
“Company”) today announced the closing of its previously announced
follow-on, underwritten public offering of 2,800,000 depositary
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 offering generated net proceeds of
approximately $67.6 million, after underwriting discounts and other
estimated offering expenses. CorEnergy intends to use the net
proceeds from the offering to repay indebtedness under its credit
facility and for general corporate purposes.
The Company has granted the underwriters for the offering a
30-day option to purchase up to an additional 420,000 depositary
shares to cover over-allotments, if any. Including the depositary
shares issued in this offering (without giving effect to any
exercise of the underwriters’ option to purchase additional
depositary shares), the Company now has 5,050,000 depositary shares
outstanding, each representing 1/100th of a share of its 7.375%
Series A Cumulative Redeemable Preferred Stock with a liquidation
preference of $25.00 per depositary share. 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.”
Wells Fargo Securities and Stifel acted as joint book running
managers for the offering.
The shares of preferred stock are being offered pursuant to an
effective shelf registration statement that the Company previously
filed with the U.S. Securities and Exchange Commission.
Electronic copies of the final prospectus supplement and
accompanying base prospectus are available from the SEC website at
www.sec.gov.
Hard copies of the final prospectus supplement and base
prospectus related to the offering can be obtained from:
Wells Fargo Securities, LLCAttention: WFS Customer Service608
2nd AvenueSouth Minneapolis, MN 55402Toll-free: 800-645-3751Email:
wfscustomerservice@wellsfargo.comOrStifel, Nicolaus & Company,
Inc.Attention: Syndicate Department1 South Street, 15th
FloorBaltimore, MD 21202Toll-free: 855-300-7136Email:
syndprospectus@stifel.com
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a
real estate investment trust (REIT) that owns essential energy
assets, such as pipelines, storage terminals, and transmission and
distribution assets. We seek long-term contracted revenue from
operators of our assets, primarily under triple net participating
leases. For more information, please visit corenergy.reit.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of,
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although CorEnergy believes that the expectations reflected in
these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Actual results could differ materially from
those anticipated in these forward-looking statements as a result
of a variety of factors, including those discussed in CorEnergy's
reports that are filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Other than as required by law, CorEnergy does not assume a duty to
update any forward-looking statement. In particular, any
distribution paid in the future to our stockholders will depend on
the actual performance of CorEnergy, its costs of leverage and
other operating expenses and will be subject to the approval of
CorEnergy's Board of Directors and compliance with leverage
covenants.
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version on businesswire.com: http://www.businesswire.com/news/home/20170418006509/en/
CorEnergy Infrastructure Trust, Inc.Investor
RelationsLesley Schorgl, 877-699-CORR (2677)info@corenergy.reit
CorEnergy Infrastructure (NYSE:CORR)
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