Benzinga | Jun 28, 2021 09:06AM EDT

CTO Realty Growth Announces Launch of Public Offering Of Series A Cumulative Redeemable Preferred Stock At $25/Share

CTO Realty Growth (NYSE:CTO) ("CTO" or the "Company") today announced the launch of a public offering of shares of its Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") with a $25.00 per share liquidation preference. CTO intends to use the net proceeds from the offering for general corporate and working capital purposes, which may include property acquisitions and repayment of debt, including amounts outstanding under its credit agreement.



CTO intends to file an application to list the Series A Preferred Stock on the New York Stock Exchange under the ticker symbol "CTO PrA."

Wells Fargo Securities, LLC, BMO Capital Markets Corp. and BTIG, LLC are acting as joint book-running managers for the offering. B. Riley Securities, Inc., Janney Montgomery Scott LLC, Robert W. Baird & Co. Incorporated and Compass Point Research & Trading, LLC are acting as co-managers for the offering.

The Series A Preferred Stock will be offered under the Company's existing shelf registration statement on Form S-3 filed with the Securities and Exchange Commission ("SEC"). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, or by telephone at (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036, or by telephone at (800) 414-3627, or by email at bmoprospectus@bmo.com; and BTIG, LLC, 65 East 55th Street, New York, NY, 10022, or by telephone at (212) 593-7555, or by email at prospectusdelivery@btig.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.