Company sells 8.05 million shares through BMO Capital and J.P. Morgan
By Devika Patel
Knoxville, Tenn., May 28 - Monmouth Real Estate Investment Corp. said it priced a $59.5 million public offering of stock with an $8.93 million greenshoe. The offering was announced on May 19 and priced for $59.5 million with the greenshoe on May 22.
The company sold 8.05 million common shares at $8.50 per share. The price per share is a 6.49% discount to the May 21 closing share price of $9.09. Of the shares, 1.05 million were part of the fully exercised greenshoe.
BMO Capital Markets Corp. and J.P. Morgan were the joint bookrunning managers.
Proceeds will be used to repay debt under the company's unsecured revolving credit facility, to purchase properties and expand existing properties.
Monmouth is a real estate investment trust based in Freehold, N.J., with a concentration on net-leased industrial policies.
| Issuer: | Monmouth Real Estate Investment Corp.
|
| Issue: | Common stock
|
| Amount: | $68,425,000 (including $8,925,000 greenshoe)
|
| Shares: | 8.05 million
|
| Price: | $8.50
|
| Warrants: | No
|
| Bookrunners: | BMO Capital Markets Corp. and J.P. Morgan
|
| Co-managers: | Wunderlich Securities, D.A. Davidson & Co. and CSCA
|
| Announcement date: | May 19
|
| Pricing date: | May 22
|
| Settlement date: | May 28
|
| Stock symbol: | NYSE: MNR
|
| Stock price: | $9.09 at close May 21
|
| Market capitalization: | $455.18 million
|
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