Vereit Inc. upsizes stock to 60,000,000 shares
Vereit Inc. (NYSE: VER) priced an underwritten public offering of 60,000,000 shares of common stock in an effort to repay amounts of outstanding debt, according to a company announcement.
The Phoenix-based real estate firm expects to gross approximately $621 million from the underwritten upsize. The Company intends to use the net proceeds of this offering to repay amounts outstanding under its $300.0 million senior secured term loan facility and its $3.3 billion unsecured credit facility and for general corporate purposes.
The upsize is from 50,000,000 shares of common stock, and the offering is expected to close on August 10. The firm granted the underwriters, Barclays, Citigroup and Goldman, Sachs & Co., an option to purchase up to 9,000,000 additional shares of common stock.
The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
At time of publishing, Vereit stock was available for $10.53 per-share, according to Yahoo Finance.