Green Brick Partners repays term loan with proceeds of stock offering

By Wendy Van Sickle

Columbus, Ohio, July 2 – Green Brick Partners Inc. repaid its term loan facility Wednesday with proceeds from the closing of its common stock offering, according to a company press release.

About $154.9 million of the $165.6 million in net proceeds from the offering went toward paying off the term loan with affiliates of Greenlight Capital, Inc. All security interests in and liens held by Greenlight with respect to Green Brick were terminated and released as a result of the repayment, according to the release.

Green Brick said it will use the remaining proceeds of the offering for working capital and general corporate purposes.

The public offering of 17 million shares of common stock at $10.00 per share closed Wednesday.

Credit Suisse and Citigroup acted as joint book-running managers and JMP Securities as co-manager for the offering.

Based in Plano, Texas, Green Brick acquires and develops land and provides land and construction financing to its controlled builders.

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