Agree Realty to pay down revolver with some stock offering proceeds

By Wendy Van Sickle

Columbus, Ohio, Oct. 25 – Agree Realty Corp. plans to repay borrowings under its revolving credit facility with some proceeds of an offering of 1.65 million shares of its common stock, according to a press release.

Additional proceeds will be used to fund property acquisitions and development activity, for working capital and for general corporate purposes.

Raymond James, Citigroup, Jefferies and Wells Fargo Securities are the joint book managers for the offering.

Agree Realty, based in Bloomfield Hills, Mich., is a real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants.

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