Green Brick to sell $50 million $25-par preferreds, sets greenshoe

By Marisa Wong

Los Angeles, Dec. 16 – Green Brick Partners, Inc.’s upcoming offering of series A cumulative perpetual preferred stock will include a $7.5 million over-allotment option, according to a 424B5 filed Thursday with the Securities and Exchange Commission.

As announced in a Wednesday press release, Green Brick plans to sell 2 million depositary shares, each representing 1/1000th fractional interest in a share of series A cumulative perpetual preferred stock. The depositary shares will have a $25.00 liquidation preference.

The 30-day greenshoe is for an additional 300,000 depositary shares.

BTIG, LLC is the bookrunner. InspereX LLC and Janney Montgomery Scott LLC are acting as co-managers.

Proceeds will be used for general corporate and working capital purposes, which may include expansion of business, repurchases of common stock and repayment of debt.

The preferreds are being issued under a shelf registration statement filed with the SEC on Nov. 25, 2020.

The offering of preferred stock comes on the heels of an expansion of the company’s credit facility by $130 million in new commitments and a $100 million private placement of notes due 2028.

Green Brick is a homebuilding and land development company based in Plano, Tex.

© 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.