Monmouth Real Estate Investment Corp. (MNR) said Thursday that it has priced a public offering of 2 million shares of its 7.875% Series B Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, for estimated net proceeds before expenses of $48.425 million.
The offering is expected to close on or about June 7.
In connection with the offering, the company has granted the underwriters an option for 30 days to purchase up to an additional 300,000 shares of the Series B Preferred Shares to cover overallotments, if any.
The company expects to use the net proceeds from the offering to purchase properties in the ordinary course of its business and for general corporate purposes.
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by RTT Staff Writer
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