Prospectus excerpt: We are offering 2,000,000 shares of our 8.125% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock").
At our request, the underwriters have reserved for sale, at the public offering price, up to 45,000 shares of Series A Preferred Stock offered hereby to be sold to certain of our directors, officers (who may purchase them directly or through entities they own and control) and other affiliates who have expressed an interest in purchasing shares of Series A Preferred Stock in the offering. None of our directors, officers or affiliates have entered into any binding commitments to purchase shares of Series A Preferred Stock. The number of shares of Series A Preferred Stock available for sale to the general public will be reduced to the extent such persons or entities purchase such reserved shares. Any reserved shares of Series A Preferred Stock which are not so purchased will be offered by the underwriters to the general public on the same terms as the other shares offered hereby.
Dividends on the Series A Preferred Stock will be payable monthly in arrears on or about the 15th day of each month. The dividend rate will be 8.125% per annum of the $25.00 per share liquidation preference, which is equivalent to approximately $2.0313 per annum per share of Series A Preferred Stock. The first dividend payment on the shares of Series A Preferred Stock sold in this offering will be paid on November 15, 2011 and will be in the amount of approximately $0.22 per share.
Generally, we may not redeem the shares of Series A Preferred Stock until October 6, 2016. On and after October 6, 2016, we may, at our option, redeem the shares of Series A Preferred Stock, for cash, in whole or from time to time in part, by paying $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a change of control the result of which our common stock, par value $0.01 per share ("common stock"), and the common securities (or their equivalent, including American Depositary Receipts ("ADRs") representing such securities) of the acquiring or surviving entity are not listed on the New York Stock Exchange (the "NYSE"), the NYSE Amex Equities (the "NYSE Amex") or the NASDAQ Stock Market ("NASDAQ") or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the shares of Series A Preferred Stock, for cash, in whole or in part and within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to any shares of Series A Preferred Stock, the holders of those shares of Series A Preferred Stock will no longer have the conversion rights with respect to those shares as described below. The Series A Preferred Stock has no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a change of control by the holders of Series A Preferred Stock.