CorEnergy Infrastructure Trust Inc. (NYSE: CORR) opened a public offering of depositary shares, the company said Jan. 22.
Each share represents 1% of a share of CorEnergy’s new Series A cumulative redeemable preferred stock, which will pay quarterly dividends at an annual rate to be set at the pricing of the offering.
Underwriters were granted a monthlong option to purchase additional depositary shares.
Kansas City, Mo.-based CorEnergy will file to list the shares on the New York Stock Exchange under the ticker “CORRPrA,” the company said, noting that if approved, trading should occur a month after the offering closes.
Net proceeds will repay revolving credit debts and support general corporate purposes.
Wells Fargo Securities LLC, BofA Merrill Lynch, and Stifel are joint book-running managers.
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