UPDATE–The OTC Grey Market ticker for tomorrow for this new issue will be – DLRPO
REIT Digital Realty Trust (NYSE:DLR) has priced their new preferred offering with a coupon of 5.85%.
The offering will be composed of 8 million shares with another 1.2 million available for over allotment.
The permanent ticker symbol will be DLR-K when it begins to trade on the big board.
In the meantime the issue will likely trade on the OTC Grey market tomorrow, although as of this moment the temporary ticker has not been posted.
The issue is rated Baa3 by Moodys and BB+ by Fitch and Moodys so it is investment grade per Moodys and 1 notch below investment grade according to the others.
The terms are the normal REIT terms being cumulative, non qualified and having a redemption period starting in March, 2024.