VIRGINIA VEACH, VA-Wheeler REIT has priced apublic offering and sale of 720,000 shares of itsSeries B convertible preferred stock at $25.00 pershare. It also priced six warrants at an $5.50 per share whenexcised, for total proceeds of about $18 millionfor the REIT.
The preferred stock will have an interest rate of 9% per annumand will have a conversion price of $5.00 per share of commonstock. The warrants have five-year terms.
The offering follows a $25 million credit line facility it secured with KeyBankNational earlier this year. It also follows a steadystream of targeted acquisitions it has been making, such as theacquisition of five grocery-anchored shopping centers in SouthCarolina in December 2013.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
