Raymond James, Citigroup reduce debt under revolving credit facility
By Devika Patel
Knoxville, Tenn., Dec. 4 – Agree Realty Corp. said the underwriters for its public offering of stock opted to exercise the deal’s greenshoe in full for total proceeds of about $76.8 million. The deal was announced Dec. 3 and priced for about $66.8 million with the greenshoe on Dec. 4.
The company sold 2,587,500 common shares. Of the shares, 337,500 were part of the fully exercised greenshoe.
Raymond James and Citigroup were the bookrunners.
Settlement is expected Dec. 9.
Proceeds will be used to reduce debt under the company’s revolving credit facility, for property acquisitions, development and general corporate purposes.
Agree Realty is a real estate investment trust located in Farmington Hills, Mich.
| Issuer: | Agree Realty Corp.
|
| Issue: | Common stock
|
| Amount: | $76.8 million (approximate)
|
| Shares: | 2,587,500
|
| Warrants: | No
|
| Bookrunners: | Raymond James and Citigroup
|
| Co-lead managers: | Jefferies and RBC Capital Markets
|
| Co-managers: | SunTrust Robinson Humphrey Inc. and Ladenburg Thalmann
|
| Announcement date: | Dec. 3
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 9
|
| Stock symbol: | NYSE: ADC
|
| Stock price: | $30.91 at close Dec. 3
|
| Market capitalization: | $444.63 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
