CorEnergy Announces Follow-On Offering of 7.375% Series A Cumulative Redeemable Preferred Stock

By a News Reporter-Staff News Editor at Investment Weekly News — CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) announced a follow-on, underwritten public offering of its depositary shares, each representing 1/100th of a share of its 7.375% Series A Cumulative Redeemable Preferred Stock, which will pay quarterly dividends at an annual rate of $1.84375 per depositary share. The issuance will form a single series with, and have the same terms, as the Company’s outstanding shares of Series A Preferred Stock. As of April 10, 2017, there were 2,250,000 depository shares outstanding. CorEnergy has granted the underwriters a 30-day option to purchase additional depositary shares of the preferred stock.

CorEnergy intends to use the net proceeds from the offering to repay indebtedness under its credit facility and/or for general corporate purposes.

Wells Fargo Securities and Stifel are acting 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 preliminary prospectus supplement and accompanying base prospectus are available from the SEC website at www.sec.gov.

Keywords for this news article include: Investing, Investment and Finance.

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