Company offers 7 million shares through BMO Capital and JPMorgan
By Devika Patel
Knoxville, Tenn., May 22 - Monmouth Real Estate Investment Corp. said it priced a $59.5 million public offering of stock with an $8.93 million greenshoe. The offering was announced Monday.
The company will sell 7 million common shares at $8.50 per share. The price per share is a 6.49% discount to the May 21 closing share price of $9.09.
BMO Capital Markets Corp. and J.P. Morgan Securities LLC are the joint bookrunning managers.
Settlement is expected May 28.
Proceeds will be used to repay debt under the company's unsecured revolving credit facility, to purchase properties and expand existing properties and for general corporate purposes.
Monmouth is a real estate investment trust based in Freehold, N.J., with a concentration on net-leased industrial policies.
| Issuer: | Monmouth Real Estate Investment Corp.
|
| Issue: | Common stock
|
| Amount: | $59.5 million
|
| Greenshoe: | $8,925,000
|
| Shares: | 7 million
|
| Price: | $8.50
|
| Warrants: | No
|
| Bookrunners: | BMO Capital Markets Corp. and J.P. Morgan Securities LLC
|
| Co-managers: | Wunderlich Securities, D.A. Davidson & Co. and CSCA
|
| Announcement date: | May 19
|
| Pricing date: | May 22
|
| Settlement date: | May 28
|
| Stock symbol: | NYSE: MNR
|
| Stock price: | $9.09 at close May 21
|
| Market capitalization: | $430.06 million
|
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