Summary
AMB Property Corporation (formerly Prologis, Inc.) filed an 8-K on December 12, 2005, to report the filing of Articles Supplementary concerning its 7.00% Series O Cumulative Redeemable Preferred Stock. The company executed an underwriting agreement on December 6, 2005, for the public offering of 3,000,000 shares of this preferred stock at $25.00 per share, expecting to net approximately $72.19 million. These proceeds are intended for general corporate purposes, potentially including the repurchase or redemption of subsidiary preferred units. The Series O preferred stock carries a fixed dividend rate and is redeemable at the company's option after a five-year lock-up period (December 13, 2010). It has no stated maturity or mandatory redemption features. The company intends to list this new series on the New York Stock Exchange under the ticker symbol "AMB-PrO". This offering represents a strategic move to strengthen its capital structure and potentially optimize its balance sheet through subsidiary unit repurchases.
Key Highlights
- 1AMB Property Corporation is issuing 3,000,000 shares of 7.00% Series O Cumulative Redeemable Preferred Stock.
- 2The offering price for the Series O preferred stock is $25.00 per share.
- 3The company expects to raise approximately $72.19 million in net proceeds from this offering.
- 4Proceeds will be used for general corporate purposes, including potential repurchase/redemption of subsidiary preferred units.
- 5The Series O preferred stock pays a fixed dividend of 7.00% annually, payable quarterly.
- 6Redemption by the company is permitted on or after December 13, 2010, at $25.00 per share plus accrued dividends.
- 7The Series O preferred stock has no stated maturity, sinking fund, or mandatory redemption.
- 8The company plans to list the Series O preferred stock on the NYSE under the symbol "AMB-PrO".