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Site Centers Corp., 6.50% Dep Share Cl J Cumulative Redeemable Preferred Shares
Ticker Symbol: SITC-J* CUSIP: 23317H607 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/25/2019
Security has been Called for: Monday, November 25, 2019
From the form 8-K filed with the SEC on 10/24/2019 -- SITE Centers Corp. has provided notice of its intent to redeem all of its outstanding 6.50% Class J Cumulative Redeemable Preferred Shares, , and the related depositary shares, each representing 1/20th of one Class J Preferred Share (NYSE: SITC PRJ – CUSIP No.: 82981J 604). Pursuant to the provisions of the Company’s Fourth Amended and Restated Articles of Incorporation, the Company is undertaking actions to redeem all of the 400,000 outstanding Class J Preferred Shares, represented by 8,000,000 Depositary Shares, on or about November 25, 2019. The Class J Preferred Shares and corresponding Depositary Shares will be redeemed at a redemption price of $503.7917 per Class J Preferred Share or $25.1896 per Depositary Share (i.e., the sum of $500.00 per Class J Preferred Share plus accrued and unpaid dividends of $3.7917 per Class J Preferred Share to the redemption date or $25.00 per Depositary Share plus accrued and unpaid dividends of $0.1896 per Depositary Share to the redemption date). On and after the redemption date, the Class J Preferred Shares and corresponding Depositary Shares that are redeemed shall no longer be deemed to be outstanding and all rights with respect to such shares shall forthwith cease and terminate (including, but not limited to, the right to receive dividends from and after the redemption date) except only the right of the holders thereof to receive, out of the funds so deposited in trust, from and after such date, the Redemption Price, without interest. The Company intends to use the net proceeds of its previously announced public offering of its common shares to fund substantially all of the amount payable in connection with the redemption of the Class J Preferred Shares and the related Depositary Shares. The Company sold 13,225,000 common shares in the offering, which closed on October 24, 2019 and included the full exercise by the underwriters of their option to purchase additional common shares.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: SITE Centers Corp., formerly DDR Corp., 6.50% Depositary Shares each representing a 1/20 share of the 6.50% Class J Cumulative Redeemable Preferred Shares, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 8/1/2017 at $25 per depositary share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.50% per annum ($1.625 per annum or $0.40625 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be the first calendar day of the month in which the payment is due or on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will not have the following conversion right. Upon the occurrence of a change of control, and the company has not provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SITC)
IPO - 7/19/2012 - 8.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: DDR-J Changed: 10/12/2018
Previous Name: DDR Corp. Changed: 10/12/2018
Market Value $200.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 3300 Enterprise Parkway, Beachwood, OH 44122 |
| Main Phone Number |
216-755-5500 |
| Fax Number |
216-755-1500 |
| Investor Relations
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216-755-5500
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| Toll Free Phone Number |
877-225-5337 |
| CEO - David R. Lukes |
CFO - Matthew L. Ostrower |
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