SITE Centers Corp. (SITC) Announces 15M Share Offering of Common Shares

March 1, 2021 4:10 PM EST

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

SITE Centers Corp. (NYSE: SITC) (“SITE Centers” or the “Company”) today announced the commencement of a public offering of 15,000,000 common shares. SITE Centers also expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 common shares.

Morgan Stanley and Wells Fargo Securities LLC are serving as joint book-running managers for the offering.

SITE Centers intends to use the net proceeds of the offering to redeem the depositary shares representing its outstanding 6.250% Class K Cumulative Redeemable Preferred Shares, without par value (the “Class K Preferred Shares”), which have an aggregate liquidation preference of $150.0 million. Any remaining proceeds will be used for general corporate purposes. This release does not constitute a notice of redemption of the depositary shares representing the Class K Preferred Shares. Pending such use, SITE Centers may invest the net proceeds in short-term securities or repay short-term indebtedness.

A preliminary prospectus supplement and accompanying prospectus relating to the offering is being filed with the Securities and Exchange Commission. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained from:

Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or

Wells Fargo Securities at 500 West 33rd Street, New York, New York, 10001, Attn: Equity Syndicate Department, or by calling toll free 1-800-326-5897, or by e-mail at cmclientsupport@wellsfargo.com.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News, Equity Offerings

Related Entities

Morgan Stanley, Dividend, Bankruptcy, Wells Fargo