Deal funds debt reduction, development and general corporate purposes
By Devika Patel
Knoxville, Tenn., Jan. 24 - Agree Realty Corp. said it priced a $32.18 million public offering of stock. The deal was announced Monday and has a $4.86 million greenshoe.
The company will sell 1.3 million common shares at $24.75 per share. The price per share is a 4.26% discount to $25.85, the Jan. 23 closing share price.
Settlement is expected Jan. 27.
Raymond James & Associates, Inc. and Janney Montgomery Scott LLC are the underwriters.
Proceeds will be used to reduce debt under the company's $85 million credit facility, for development activity and property acquisitions 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: | $32,175,000
|
| Greenshoe: | $4,862,500
|
| Shares: | 1.3 million
|
| Price: | $24.75
|
| Warrants: | No
|
| Underwriters: | Raymond James & Associates, Inc. and Janney Montgomery Scott LLC
|
| Announcement date: | Jan. 23
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 27
|
| Stock symbol: | NYSE: ADC
|
| Stock price: | $25.86 at close Jan. 23
|
| Market capitalization: | $239.28 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.
