MFP Partners agrees to backstop offering, buys $10.03 million stock
By Angela McDaniels
Tacoma, Wash., Dec. 8 – Trinity Place Holdings Inc. raised $30 million through its rights offering. Shareholders subscribed for $19.97 million of stock, or 3,327,784 shares, and MFP Partners, LP purchased $10.03 million of stock, or 1,672,216 shares, under its standby purchase agreement.
The subscription price, $6.00 per share, is a 4% discount to the Nov. 4 closing share price of $6.25.
Investors received rights to purchase 0.248362 share for every share held as of 5 pm ET on Nov. 4, the record date. The offering expired on Nov. 30.
Third Avenue Trust exercised all of its rights for 836,841 shares, or $5.02 million.
Proceeds will be used for the redevelopment, predevelopment and repositioning and development of existing properties, investments in new opportunities, to make payments and for general corporate purposes.
The real estate holding, investment and asset management company is based in New York.
| Issuer: | Trinity Place Holdings Inc.
|
| Issue: | Common stock
|
| Amount: | $30 million
|
| Shares: | 5 million
|
| Price: | $6.00
|
| Warrants: | No
|
| Investors: | MFP Partners, LP (for $10,033,296), Third Avenue Trust (for $5,021,046)
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| Pricing date: | Nov. 5
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| Expiration date: | Nov. 30
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| Stock symbol: | OTCBB: TPHS
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| Stock price: | $6.25 at close Nov. 4
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| Market capitalization: | $125.82 million
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