CorEnergy Infrastructure Trust, Inc. (NYSE:CORR) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02
Unregistered Sales of Equity Securities.
On January 16, 2019, CorEnergy Infrastructure Trust, Inc. (“CorEnergy” or the “Company”) agreed with three holders of its 7% Convertible Senior Notes due 2020 (the “2020 Notes”) to exchange $43.8 million face amount of such notes for an aggregate of 837,040 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) plus aggregate cash consideration of $19.8 million. After such exchange, the balance of the face amount of the 2020 Notes will be reduced to approximately $70.2 million, from $114.0 million.
The issuance of Common Stock in exchange for certain of the outstanding 2020 Notes as described above is being made in reliance on the exemption from registration provided in Section 3(a)(9) of the Securities Act of 1933, as amended, on the basis that the exchange constitutes an exchange with existing security holders of the Company and no commission or other remuneration was paid or given for soliciting such exchange.
About CorEnergy Infrastructure Trust, Inc. (NYSE:CORR)
CorEnergy Infrastructure Trust, Inc. is focused on acquiring and financing midstream and downstream real estate assets within the United States energy infrastructure sector and concurrently entering into long-term triple-net participating leases with energy companies. The Company also provides other types of capital, including loans secured by energy infrastructure assets. The Company owns assets, such as pipelines, storage terminals, and transmission and distribution assets. It assets include Grand Isle Gathering System, which is a subsea, crude oil pipeline system in the Gulf of Mexico; Pinedale Liquids Gathering System, which consists of approximately 150 miles of pipelines; Portland Terminal Facility, which is a rail and marine facility property; MoGas Pipeline System, which delivers natural gas to both investor-owned and municipal local distribution systems, and Omega Pipeline, which provides natural gas marketing services.