CorEnergy Infrastructure Trust Inc. closed its underwritten public offering of 2 million depositary shares at a price of $25 per depositary share, the company said in a Jan. 27 statement. Each share offered represents one-hundredth of a share of its newly designated 7.375% series A cumulative redeemable preferred stock. The offering generated net proceeds of about $48 million after deducting underwriting discounts and other estimated offering expenses.
CorEnergy filed an application to list the depositary shares on the New York Stock Exchange under the symbol “CORRPrA.” If the application is approved, CorEnergy expects trading to commence within 30 days of the offering’s closing. CorEnergy expects to use the net proceeds from the offering to repay indebtedness under its revolving line of credit and for general corporate purposes.
Wells Fargo Securities, BofA Merrill Lynch and Stifel acted as the joint book-running managers for the offering.
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