Cole Credit Property Trust III is now Cole Real Estate Investments Inc. (CREI). As it moves to its listing, CREI made two important filings this morning. The first stated that CREI has changed its name to the aforementioned Cole Real Estate Investments Inc., and declared a 7.0% distribution, an increase from the previous 6.5% distribution. CREI appointed Jeffery Holland as President and Chief Operating Officer and Stephan Keller as Chief Financial Officer and Treasurer. CREI has amended its credit agreements to increase the amount it has available to borrow to $518 million.
In a second filing, CREI provided some listing details. It will list on the NYSE under the symbol COLE in June. It is a full listing, so 100% of shares are "freely tradeable on day 1." CREI expects a $500 million tender offer to support its liquidity, which corresponds to the $518 million of new borrowing capability under the amended credit facility. The filing did not list a tender offer price, stating instead "details to come."
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