Company sells stock, convertible preferreds to fund working capital
By Devika Patel
Knoxville, Tenn., Sept. 16 - American Realty Capital Properties, Inc. arranged a private placement of stock and 5.81% series D cumulative convertible preferred stock to raise about $481.3 million on Sept. 15, according to an 8-K filed Monday with the Securities and Exchange Commission. RCS Capital and JMP Securities LLC are the agents.
The company will sell about 15.1 million common shares at $12.29 per share for $185.9 million and about 21.7 million preferreds at $13.59 per preferred for about $295.4 million.
The preferreds may be called or put.
The price per share is a 3.53% discount to the Sept. 13 closing share price of $12.74. The price per preferred is a 6.67% premium to that price.
American Realty, based in New York, is a real estate investment company.
| Issuer: | American Realty Capital Properties, Inc.
|
| Issue: | Common stock, series D cumulative convertible preferred stock
|
| Amount: | $481.3 million (approximate)
|
| Warrants: | No
|
| Agents: | RCS Capital and JMP Securities LLC
|
| Pricing date: | Sept. 15
|
| Settlement date: | June 7
|
| Stock symbol: | Nasdaq: ARCP
|
| Stock price: | $12.74 at close Sept. 13
|
| Market capitalization: | $2.29 billion
|
|
|
| Common stock
|
| Amount: | $185.9 million
|
| Shares: | 15.1 million (approximate)
|
| Price: | $12.29
|
|
|
| Preferreds
|
| Amount: | $295.4 million (approximate)
|
| Preferreds: | 21.7 million (approximate)
|
| Price: | $13.59
|
| Call: | Yes
|
| Put: | Yes
|
© 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.
