Inland Real Estate Corporation Prices Public Offering of 6.95% Series B Cumulative Redeemable Preferred Stock
October 10 2014 - 9:32AM
Business Wire
Inland Real Estate Corporation (NYSE: IRC) (the “Company”) today
announced that it has priced an underwritten public offering of
4,000,000 shares of its 6.95% Series B Cumulative Redeemable
Preferred Stock (“Series B Preferred Stock”) at a public
offering price of $25.00 per share, for net proceeds of
approximately $96.85 million, after deducting the underwriting
discount but before expenses. The offering, which is subject
to customary closing conditions, is expected to close on
October 16, 2014.
The Company intends to use the net proceeds of the offering to
purchase additional properties to be owned by the Company or one or
more of its joint ventures and for general corporate purposes,
including the repayment of indebtedness, which may include repaying
amounts outstanding on the Company’s unsecured line of credit
facility, which matures on August 22, 2017, as described under “Use
of Proceeds” in the prospectus supplement for the offering.
The Company is conducting the offering pursuant to an effective
registration statement under the Securities Act of 1933.
The Company intends to file an application to list the
Series B Preferred Stock on the New York Stock Exchange under
the symbol “IRCPrB.” If listing is approved, the Company expects
trading to commence within 30 days after initial delivery of the
shares of Series B Preferred Stock.
Wells Fargo Securities is acting as sole book-running manager
for the offering. BMO Capital Markets Corp. is acting as co-manager
for the offering.
The Company is conducting the offering pursuant to an effective
registration statement under the Securities Act of 1933.
The offering is being made solely by means of a prospectus
supplement and accompanying prospectus filed with the Securities
and Exchange Commission. Copies of the prospectus supplement and
the accompanying prospectus may be obtained for free by accessing
the Securities and Exchange Commission’s website at
http://www.sec.gov, by contacting Wells Fargo Securities, LLC Attn:
Capital Markets Client Support, 1525 West W.T. Harris Blvd.,
NC0675, Charlotte, North Carolina 28262, by emailing
cmclientsupport@wellsfargo.com, or by calling toll-free at
1-800-326-5897.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
Proskauer Rose LLP and Venable LLP are acting as legal counsel
to the Company, and Sidley Austin LLP is acting as legal counsel to
the underwriters, in connection with the offering.
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-managed, publicly
traded real estate investment trust (REIT) that owns and operates
open-air neighborhood, community and power shopping centers and
single-tenant retail properties located primarily in Midwest
markets. As of June 30, 2014, the Company owned interests in 135
investment properties, including 31 owned through its
unconsolidated joint ventures. Additional information on Inland
Real Estate Corporation is available at www.inlandrealestate.com.
To connect with Inland Real Estate Corporation via LinkedIn, visit
http://www.linkedin.com/company/inland-real-estate-corporation, or
via Twitter at www.twitter.com/IRC_REIT.
Certain statements in this press release constitute
“forward-looking statements” within the meaning of the Federal
Private Securities Litigation Reform Act of 1995.These
forward-looking statements are not historical facts but are the
intent, belief or current expectations of our management based on
their knowledge and understanding of the business and industry, the
economy and other future conditions. These statements are not
guarantees of future performance, and investors should not place
undue reliance on forward-looking statements. Actual results may
differ materially from those expressed or forecasted in the
forward-looking statements herein due to numerous risks and
uncertainties. See ‘‘Risk Factors’’ beginning on page S-10 of
the prospectus supplement and in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2013,
subsequent Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K for a more complete discussion of these risks and
uncertainties. These factors include, but are not limited to:
market and economic challenges experienced by the U.S. economy or
real estate industry as a whole, including dislocations and
liquidity disruptions in the credit markets; the inability of
tenants to continue paying their rent obligations due to
bankruptcy, insolvency or a general downturn in their business;
competition for real estate assets and tenants; impairment charges;
the availability of cash flow from operating activities for
distributions and capital expenditures; our ability to refinance
maturing debt or to obtain new financing on attractive terms;
future increases in interest rates; actions or failures by our
joint venture partners, including development partners; and other
factors that could affect our ability to qualify as a REIT. We
undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results.
Inland Real Estate Corporation Contact:Dawn Benchelt, Director
of Investor Relations(630) 218-7364 or (888)
331-4732ir@inlandrealestate.com
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