Getty Realty to repay unsecured revolver debt via common stock proceeds

By Tali Rackner

Minneapolis, July 11 – Getty Realty Corp. plans to repay amounts outstanding under its $175 million unsecured revolving credit facility using the net proceeds from an offering of common stock, according to a press release.

Proceeds will also be used for general corporate purposes, including the funding of pending or future acquisitions or the funding of development and redevelopment costs.

The company priced a public offering of 4.1 million shares of common stock at a price of $23.15 per share for about $90.6 million. It also granted the underwriters a 30-day option to purchase up to an additional 615,000 shares, which could bring the total amount to $104.2 million.

The offering is expected to close on July 14.

Getty is a real estate investment trust based in Jericho, N.Y.

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