Realty Income Corp., Escondido, Calif., has priced an offering of 8.8 million shares of Monthly Income Class E Cumulative Redeemable Preferred Stock at $25 per share.Realty Income said the shares of preferred stock have no stated maturity, sinking fund, or mandatory redemption provisions. Realty Income said the net proceeds of the offering will be used to repay borrowings under the company's $300 million unsecured acquisition credit facility and for general corporate purposes. The co-book-running managers of the offering are Citigroup Corporate and Investment Banking, Merrill Lynch & Co., and Wachovia Securities. The company can be found on the Web at http://www.realtyincome.com.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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