Deal funds debt repayment, acquisitions and general corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 21 - Terreno Realty Corp. said the underwriters for its public offering of stock opted to exercise the deal's $12.45 million greenshoe in full for total proceeds of $95.45 million. The offering was announced on Tuesday and priced for $83 million Wednesday.
The company sold 5.75 million common shares at $16.60 per share. The price per share reflects a 2.81% discount to the Feb. 19 closing share price of $17.08. Of the shares, 750,000 were part of the fully exercised greenshoe.
Goldman Sachs & Co. and KeyBanc Capital Markets Inc. are the joint bookrunning managers.
Settlement is expected Feb. 25.
Proceeds will be used for debt repayment, acquisitions and general corporate purposes.
Terreno is a San Francisco-based real estate investment trust focused on industrial properties.
| Issuer: | Terreno Realty Corp.
|
| Issue: | Common stock
|
| Amount: | $95.45 million (including $12.45 million greenshoe)
|
| Shares: | 5.75 million
|
| Price: | $16.60
|
| Warrants: | No
|
| Bookrunners: | Goldman Sachs & Co. and KeyBanc Capital Markets Inc.
|
| Lead managers: | Stifel, Nicolaus & Co., Inc. and Robert W. Baird & Co. Inc.
|
| Co-managers: | Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, JMP Securities LLC, Regions Securities LLC and Compass Point Research & Trading LLC
|
| Announcement date: | Feb. 19
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 25
|
| Stock symbol: | NYSE: TRNO
|
| Stock price: | $17.08 at close Feb. 19
|
| Market capitalization: | $230.12 million
|
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