Company sells stock, convertible preferreds to fund working capital
By Devika Patel
Knoxville, Tenn., June 4 - American Realty Capital Properties, Inc. said it plans a $900 million private placement of stock and 5.81% convertible preferred stock. RCS Capital and JMP Securities LLC are the agents.
The company will sell about 29.4 million common shares at $15.47 per share for $455 million and about 28.4 million preferreds for $445 million.
The price per share is identical to the June 3 closing share price.
Settlement is expected June 7.
Proceeds will be used for working capital needs and strategic acquisitions.
American Realty, based in New York, is a real estate investment company.
| Issuer: | American Realty Capital Properties, Inc.
|
| Issue: | Common stock, convertible preferred stock
|
| Amount: | $900 million
|
| Warrants: | No
|
| Agents: | RCS Capital and JMP Securities LLC
|
| Pricing date: | June 4
|
| Settlement date: | June 7
|
| Stock symbol: | Nasdaq: ARCP
|
| Stock price: | $15.47 at close June 3
|
| Market capitalization: | $2.44 billion
|
|
|
| Common stock
|
| Amount: | $455 million
|
| Shares: | 29.4 million (approximate)
|
| Price: | $15.47
|
|
|
| Preferreds
|
| Amount: | $445 million
|
| Preferreds: | 28.4 million (approximate)
|
| Dividends: | 5.81%
|
© 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.
