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CIM Commercial Trust announces preferred stock offering

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CIM Commercial Trust announces preferred stock offering

Office real estate investment trust CIM Commercial Trust Corp. is offering up to 36.0 million shares of its series A preferred stock and warrants to buy up to 9.0 million shares of its common stock.

The preferred stock and warrants will be sold in units, with each unit comprising one share of series A preferred stock with an initial stated value of $25 apiece along with one warrant to buy one-fourth of a share of common stock. Holders of the warrants can exercise them at a 15% premium to the applicable net asset value. Each unit will be sold at a public offering price of $25.

Assuming the maximum offering, CIM Commercial estimates that it will receive about $826.5 million in net proceeds, which it plans to use for general corporate purposes, purchase of its common shares and for acquisitions.