Raymond James, Baird, Stifel help fund credit facility debt repayment
By Devika Patel
Knoxville, Tenn., Dec. 9 – The underwriters for Armada Hoffler Properties, Inc.’s public sale of stock opted to exercise the deal’s $4,815,000 greenshoe in full, lifting total proceeds of the offering to $36,915,000, on Dec. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was announced Dec. 3 and priced for $32.1 million with the greenshoe on Dec. 4.
The company sold 3.45 million common shares at $10.70 per share. The price per share is a 3.86% discount to the Dec. 3 closing share price of $11.13. Of the shares, 450,000 were part of the fully exercised greenshoe.
Raymond James & Associates, Baird and Stifel Nicolaus & Co. were the bookrunners.
Proceeds will be used to pay down debt under the company’s unsecured revolving credit facility, which will allow it to re-borrow the debt to acquire a portfolio of 11 retail properties.
The real estate company is based in Virginia Beach.
| Issuer: | Armada Hoffler Properties, Inc.
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| Issue: | Common stock
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| Amount: | $36,915,000, including $4,815,000 greenshoe of 450,000 shares
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| Shares: | 3.45 million
|
| Price: | $10.70
|
| Warrants: | No
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| Bookrunners: | Raymond James & Associates, Baird and Stifel Nicolaus & Co.
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| Co-managers: | Janney Montgomery Scott and Wunderlich
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| Announcement date: | Dec. 3
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Stock symbol: | NYSE: AHH
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| Stock price: | $11.13 at close Dec. 3
|
| Market capitalization: | $473.93 million
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