CorEnergy Infrastructure Trust Inc. (NYSE: CORR) has begun an underwritten public offering of depositary shares, each representing 1/100th of a share of its newly designated Series A cumulative redeemable preferred stock, which will pay quarterly dividends at an annual rate to be set at the pricing of the offering. CorEnergy has granted the underwriters a 30-day option to purchase additional depositary shares of the preferred stock.
CorEnergy intends to file an application to list the depositary shares on the New York Stock Exchange (NYSE) under the symbol "CORRPrA". If the application is approved, CorEnergy expects trading of the depositary shares on the NYSE to begin within the 30-day period from the closing of the offering. CorEnergy intends to use the net proceeds from the offering to repay indebtedness under CorEnergy’s revolving line of credit and for general corporate purposes.
Wells Fargo Securities, BofA Merrill Lynch, and Stifel are acting as the joint book running managers for the offering.
The shares of preferred stock are being offered pursuant to an effective shelf registration statement that the company previously filed with the US Securities and Exchange Commission under the name Tortoise Capital Resources Corp.