We are offering shares of our 10.0% Series A Cumulative Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as the ˘Series A Preferred Stock.÷ Holders of the Series A Preferred Stock will be entitled to cumulative dividends (whether or not declared) in the amount of $5.00 per share each year, which is equivalent to 10.0% of the $50.00 liquidation preference per share from, but not including, the date of issuance. Dividends on the Series A Preferred Stock will be payable quarterly in arrears on the last day of March, June, September and December of each year (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) when, as and if declared by our board of directors, beginning June 30, 2013.
Investors in the Series A Preferred Stock generally will have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters (whether or not consecutive) and under certain other circumstances.
We may not redeem the Series A Preferred Stock before May 30, 2018, except as described below. On or after May 30, 2018, we may, at our option, redeem the Series A Preferred Stock, in whole or in part, by paying $50.00 per share, plus any accrued and unpaid dividends to the redemption date. If at any time a ˘Change of Control,÷ as defined in this prospectus supplement, occurs, we (or the acquiring company) will have the option to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the date on which the Change of Control has occurred at $50.00 per share plus accrued and unpaid dividends to the redemption date. The Series A Preferred Stock will have no stated maturity and will not be subject to any sinking fund or other mandatory redemption.