Prospectus excerpt: We are offering 4,000,000 shares of our 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share, liquidation preference $25.00 per share (the ÙSeries C Preferred Stockˆ).
Dividends on the Series C Preferred Stock are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of January, April, July and October of each year, when, as and if declared by our board of directors. The initial dividend on the Series C Preferred Stock offered hereby will be payable on April 15, 2014. Dividends will be payable out of amounts legally available therefor at a rate equal to 8.50% per annum of the stated liquidation preference.
At any time on or after January 21, 2019, the Series C Preferred Stock may be redeemed, in whole or in part, out of amounts available therefor, at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared.
We intend to apply to have the Series C Preferred Stock listed on the New York Stock Exchange. Currently, there is no public market for the Series C Preferred Stock.