We are offering 10,000,000 shares of our 6.625% Series 6 Cumulative Redeemable Preferred Stock, par value $0.01 per share (the ˘Series 6 Preferred Shares÷). The liquidation preference of the Series 6 Preferred Shares is $25.00 per share.
Dividends on the Series 6 Preferred Shares will be payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The dividend rate is 6.625% per annum of the $25.00 per share liquidation preference, which is equivalent to $1.65625 per annum per Series 6 Preferred Share. The first dividend on the Series 6 Preferred Shares sold in this offering will be paid on April 2, 2012 and will be in the amount of $0.20243 per share.
Generally, we may not redeem the Series 6 Preferred Shares until February 16, 2017. On and after February 16, 2017, we may, at our option, redeem the Series 6 Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued 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 shares÷), and the common securities of the acquiring or surviving entity (or American Depositary Receipts (˘ADRs÷) representing such securities) are not listed on the New York Stock Exchange, Inc. (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 Series 6 Preferred Shares, 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 accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series 6 Preferred Shares, the holders of Series 6 Preferred Shares will not have the conversion right described below. The Series 6 Preferred Shares have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted into common shares in connection with a change of control by the holders of Series 6 Preferred Shares.