Company sells 1.73 million shares, including 225,000 from greenshoe
By Marisa Wong
Madison, Wis., Jan. 18 - Agree Realty Corp. sold a total of 1,725,000 shares, raising $47.01 million, in its public offering of common stock that closed on Friday.
The underwriters of the public stock sale fully exercised the greenshoe of 225,000 shares, according to an 8-K filing with the Securities and Exchange Commission.
Agree priced an initial 1.5 million of shares on Jan. 15 at $27.25 per share. The price per share is a 4.02% discount to the Dec. 6 closing share price of $2.09.
Raymond James & Associates, Inc. was the bookrunning manager.
As previously announced, proceeds will be used to repay a portion of the debt under the company's $85 million credit facility, for development activity and property acquisitions and for other general corporate purposes.
Agree Realty is a real estate investment trust located in Farmington Hills, Mich.
| Issuer: | Agree Realty Corp.
|
| Issue: | Common stock
|
| Amount: | $47,006,250 (including $6,131,250 greenshoe)
|
| Shares: | 1,725,000 (including 225,000 from greenshoe)
|
| Price: | $27.25
|
| Warrants: | No
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Announcement date: | Jan. 14
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 18
|
| Stock symbol: | Nasdaq: ADC
|
| Stock price: | $28.04 at close Jan. 17
|
| Market capitalization: | $364.19 million
|
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