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Washington Prime Group, 6.875% Series I Cumulative Redeemable Preferred Shares
Ticker Symbol: WPG-I CUSIP: 92939N409 Previous CUSIP: 379302607 Exchange: NYSE
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Washington Prime Group, Inc. formerly WP GLIMCHER, Inc., formerly Glimcher Realty Trust, 6.875% Series I Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/27/2018 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 6.875% per annum ($1.71875 per annum or $0.4296875 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date fixed by the board, not more than 60 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 resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges 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. This security was rated as B2 by Moody’s and CCC+ by S&P at the date of its IPO. 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 (WPG)
Notes: 8/30/2016 -- Common shareholders of the Company approved a proposal to change the corporate name to Washington Prime Group Inc. effective immediately. ____________ Jan. 15, 2015-- Washington Prime Group Inc. (NYSE:WPG) today announced it has completed the previously announced acquisition of Glimcher Realty Trust. Under the terms of the merger agreement, Glimcher shareholders will receive, for each Glimcher share, $10.40 in cash and 0.1989 of a share in WPG common stock. The company will be known as WP GLIMCHER, Inc. and continue to trade on the New York Stock Exchange under the ticker WPG.
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IPO - 3/21/2013 - 3.60 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GRT-I Changed: 1/15/2015
Previous Name: Glimcher Realty Trust, 6.875% Series I Cumulative Redeemable Preferred Shares Changed: 1/15/2015
Market Value $90.0 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: 180 East Broad Street, Columbus, OH 43215 |
| Main Phone Number |
614-621-9000 |
| Fax Number |
Not Available |
| Investor Relations
Kimberly A. Green
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614-887-5647
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| CEO - Louis G. Conforti |
CFO - Mark E. Yale |
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