STORE Capital Corporation, an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate (STORE), announced Tuesday the pricing of its initial public offering of 27,500,000 shares of its common stock at a price to the public of $18.50 per share. The shares are expected to begin trading on the New York Stock Exchange today under the symbol “STOR.” The offering is expected to close on November 21, 2014, subject to customary closing conditions.
The underwriters have a 30-day option to purchase up to an additional 4,125,000 shares of common stock from the company.
The net proceeds to the company from this offering, and after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $473.7 million, or approximately $545.5 million if the underwriters fully exercise their option to purchase additional shares.
Goldman, Sachs & Co., Credit Suisse and Morgan Stanley are acting as joint book-running managers for the offering. Citigroup, Deutsche Bank Securities, KeyBanc Capital Markets and Wells Fargo Securities are acting as joint lead managers for the offering, and Baird, BMO Capital Markets, Comerica Securities, Raymond James, Stifel and SunTrust Robinson Humphrey are acting as co-managers for the offering.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and has become effective under the Securities Act of 1933, as amended. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.