SL Green Realty Corp. is offering and selling 5,600,000 shares of its 7.625% Series C cumulative redeemable preferred stock.
Dividends on the 7.625% Series C preferred stock will be cumulative from December 12, 2003, and will be payable quarterly on the fifteenth day of April, July, October and January of each year, commencing April 15, 2004. The dividend rate is 7.625% per annum, which is equivalent to $1.90625 per annum per share of Series C preferred stock.
The liquidation preference of each share of Series C preferred stock is $25.00.
On or after December 12, 2008, we have the option to redeem all or a portion of the 7.625% Series C preferred stock at $25.00 per share, plus accrued and unpaid dividends. We may also redeem Series C preferred stock if necessary to preserve our status as a real estate investment trust.
The Series C preferred stock has no stated maturity, is not subject to any sinking fund, is not convertible into any other securities and will remain outstanding indefinitely unless redeemed at our option.
Holders of shares of Series C preferred stock will generally have no voting rights, except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other events.