UMH PropertiesInc. priced its public offering of of its 8.0% series Bcumulative redeemable preferred stock at a price of $25.50 apiece.
The company expects to receive $49.4 million of netproceeds from the offering and intends to use the proceeds for generalcorporate purposes, which may include the purchase of manufactured homes forsale or lease to customers, expansion of its existing communities, potentialacquisitions of additional properties, and possible repayment of indebtednesson a short-term basis.
The preferred shares being offered will form a single serieswith, will have the same terms as, and will vote as a single class with the1,801,200 shares ofseries B preferred stock issued in October 2015 and will rank on a parity withthe company's outstanding 8.25% series A preferred stock, of which 3,663,800shares are currently outstanding, the company said April 1.
The shares are listed on the NYSE under the symbol "UMHPRB." The transaction is expected to be completed on or about April 5.
CSCA Capital Advisors LLC served as lead placement agent forthe transaction and Weeden & Co. LLP will serve as settlement agent.