LOS ANGELES & NEW YORK--(BUSINESS WIRE)--Colony NorthStar, Inc.(NYSE: CLNS) today announced it has commenced an underwritten public offering of its shares of Series J Cumulative Redeemable Perpetual Preferred Stock with a liquidation preference of $25.00 per share. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC are acting as joint book-running managers for the offering. Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as co-managers. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of Series J Preferred Stock initially sold to the public. The Company intends to file an application to list the Series J Preferred Stock on the New York Stock Exchange.
The Company intends to use the net proceeds of this offering to redeem some or all of the shares of its 8.25% Series B Cumulative Redeemable Perpetual Preferred Stock and 8.875% Series C Cumulative Redeemable Perpetual Preferred Stock outstanding and to use any remaining net proceeds for other general corporate purposes.
About Colony NorthStar, Inc.
Colony NorthStar, Inc. is a leading global real estate and investment management firm. The Company resulted from the January 2017 merger between Colony Capital, Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. The Company has significant property holdings in the healthcare, industrial and hospitality sectors, other equity and debt investments and an embedded institutional and retail investment management business. The Company currently has assets under management of $56 billion and manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts and registered investment companies. In addition, the Company owns NorthStar Securities, LLC, a captive broker-dealer platform which raises capital in the retail market. The firm maintains principal offices in Los Angeles and New York, with more than 500 employees in offices located across 18 cities in ten countries. The Company will elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. For additional information regarding the Company and its management and business, please refer to www.clns.com.