KANSAS CITY, Mo.--(BUSINESS WIRE)--
CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”)
today announced the closing of its previously announced follow-on,
underwritten public offering of 2,800,000 depositary shares, each
representing 1/100th of a share of its 7.375% Series A
Cumulative Redeemable Preferred Stock at a public offering price of
$25.00 per depositary share. The offering generated net proceeds of
approximately $67.6 million, after underwriting discounts and other
estimated offering expenses. CorEnergy intends to use the net proceeds
from the offering to repay indebtedness under its credit facility and
for general corporate purposes.
The Company has granted the underwriters for the offering a 30-day
option to purchase up to an additional 420,000 depositary shares to
cover over-allotments, if any. Including the depositary shares issued in
this offering (without giving effect to any exercise of the
underwriters’ option to purchase additional depositary shares), the
Company now has 5,050,000 depositary shares outstanding, each
representing 1/100th of a share of its 7.375% Series A Cumulative
Redeemable Preferred Stock with a liquidation preference of $25.00 per
depositary share. CorEnergy may redeem, at its option, the depositary
shares at a redemption price of $25.00 per depositary share, plus all
accrued and unpaid dividends, on or after January 27, 2020. The
depositary shares are listed on the New York Stock Exchange under the
Wells Fargo Securities and Stifel acted 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 final prospectus supplement and accompanying
base prospectus are available from the SEC website at www.sec.gov.
Hard copies of the final prospectus supplement and base prospectus
related to the offering can be obtained from:
Wells Fargo Securities, LLC
Attention: WFS Customer Service
South Minneapolis, MN 55402
Nicolaus & Company, Inc.
Attention: Syndicate Department
South Street, 15th Floor
Baltimore, MD 21202
CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real
estate investment trust (REIT) that owns essential energy assets, such
as pipelines, storage terminals, and transmission and distribution
assets. We seek long-term contracted revenue from operators of our
assets, primarily under triple net participating leases. For more
information, please visit corenergy.reit.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of,
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical fact, included
herein are "forward-looking statements." Although CorEnergy believes
that the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties, and
these expectations may prove to be incorrect. Actual results could
differ materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in CorEnergy's reports that are filed with the Securities and
Exchange Commission. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Other than as required by law, CorEnergy does not assume
a duty to update any forward-looking statement. In particular, any
distribution paid in the future to our stockholders will depend on the
actual performance of CorEnergy, its costs of leverage and other
operating expenses and will be subject to the approval of CorEnergy's
Board of Directors and compliance with leverage covenants.
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Source: CorEnergy Infrastructure Trust, Inc.