Deal prices at discount, below target range of $11.00-$13.00 per share
By Susanna Moon
Chicago, May 14 - Trade Street Residential, Inc. said it priced its public sale of stock at $10.00 per share, below its target range of $11.00 to $13.00 per share, for proceeds of $62.5 million. The deal includes an over-allotment option.
The company will sell 6.25 million common shares, as previously noted, and an additional 937,500 shares as part of the greenshoe.
Sandler O'Neill + Partners, LP is the bookrunner.
The price per share reflects a 9.09% discount to the company's closing price (OTC: TSRE) of $11.00 per share on May 13.
The company's stock has been approved for listing on the Nasdaq under the symbol "TSRE."
As noted before, proceeds will be used to buy out joint venture partners, for pending acquisitions and general corporate and working capital purposes, including acquisitions, debt repayment and capital improvements.
The real estate investment trust is based in Aventura, Fla.
| Issuer: | Trade Street Residential, Inc.
|
| Issue: | Stock
|
| Amount: | $62.5 million
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| Shares: | 6.25 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Bookrunners: | Sandler O'Neill + Partners, LP
|
| Co-managers: | BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Oppenheimer & Co. and Wunderlich Securities
|
| Pricing date: | May 14
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