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Wednesday, October 05, 2016 11:02:03 AM
Today : Wednesday 5 October 2016
Click Here for more BLUEROCK RESIDENTIAL GROWTH REIT Charts.
NEW YORK, Oct. 5, 2016 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) (the "Company") announced today that it has commenced a public offering of its Series D Cumulative Preferred Stock (the "Series D Preferred Stock"). The dividend yield and other terms are to be determined by negotiations between the Company and the underwriters. The Company expects to grant the underwriters a 30-day option to purchase additional shares to cover overallotments, if any.
The Company intends to apply to list the Series D Preferred Stock on the NYSE MKT under the symbol "BRG-PrD." If the application is approved, the Company expects trading of the Series D Preferred Stock to commence on the NYSE MKT within 30 days from the closing of the offering.
The Company intends to use the net proceeds of this offering for future multifamily acquisitions and investments and for other general corporate and working capital purposes, which may include the funding of capital improvements at its properties.
Janney Montgomery Scott, D.A. Davidson & Co. and Oppenheimer & Co. are serving as book-running managers for the offering. BB&T Capital Markets is serving as co-lead manager for the offering, and Boenning & Scattergood, JMP Securities and William Blair are serving as co-managers for the offering.
The offering is being made pursuant to the Company's shelf registration statement, which was declared effective by the U.S. Securities and Exchange Commission ("SEC") on January 29, 2016. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained from the SEC's website at www.sec.gov or by contacting: Janney Montgomery Scott, LLC, 1717 Arch Street, Philadelphia, Pennsylvania 19103 or by email at prospectus@janney.com, or D.A. Davidson & Co., 8 Third Street North, Great Falls, Montana 59401 or by email at prospectusrequest@dadco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these shares or any other securities in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
A SENSE OF ACCOMPLISHMENT IS WAY BETTER THAN A SENSE OF ENTITLEMENT - SP
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