Franklin Street Properties Announces Closing of its Common Stock Offering & Full Exercise of Option to Purchase Additional Sh...
August 16 2016 - 4:15PM
Business Wire
Franklin Street Properties Corp. (the “Company” or “FSP”) (NYSE
MKT: FSP) today announced that it closed its previously announced
underwritten public offering of 7,043,750 shares of its common
stock, including 918,750 shares purchased by the underwriters
pursuant to the exercise in full of the underwriters’ option to
purchase additional shares. The Company received approximately
$83.0 million in net proceeds from the offering after deducting the
underwriting discount and other estimated offering expenses.
The Company intends to use the net proceeds of the offering to
repay approximately $45.5 million under its senior unsecured
revolving credit facility that was recently borrowed in
anticipation of funding the acquisition of Pershing Park Plaza, an
urban infill Class “A” office property located at 1420 Peachtree
Street, NE, Atlanta, Georgia, and to fund estimated redevelopment
costs of $15 million to $20 million at its property at 801
Marquette Avenue, Minneapolis, Minnesota.
Any proceeds of the offering not applied to the Pershing Park
Plaza acquisition or the 801 Marquette redevelopment will be used
to repay amounts outstanding under the Company’s senior unsecured
revolving credit facility and/or for general corporate purposes,
including funding future acquisitions and investments.
Baird and BMO Capital Markets acted as active bookrunners,
Stifel acted as passive bookrunner and Wunderlich acted as senior
co-manager for the offering. BTIG, Capital One Securities, PNC
Capital Markets LLC and TD Securities acted as co-managers for the
offering.
This offering was made pursuant to a prospectus supplement to
the Company’s prospectus, dated January 12, 2015, filed as part of
the Company’s effective shelf registration statement relating to
these securities. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the shares described
herein or any other securities, nor shall there be any sale of
these shares in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or other
jurisdiction.
A copy of the final prospectus supplement relating to the shares
can be obtained by contacting the underwriters as follows: Robert
W. Baird & Co. Incorporated, 777 E. Wisconsin Avenue,
Milwaukee, WI 53202, Attn: Syndicate Department or by telephone at
(800) 792-2473 or by email at syndicate@rwbaird.com; BMO Capital
Markets, 3 Times Square, 25th Floor, New York, NY 10036, Attn:
Syndicate Desk or by telephone at (800) 414-3627; Stifel, Nicolaus
& Company, Incorporated, Attn: Syndicate Department, One South
Street, 15th Floor, Baltimore, MD 21202, or by telephone at (855)
300‐7136 or by email to SyndProspectus@stifel.com; or Wunderlich
Securities, Inc., Attn: Equity Syndicate, 6000 Poplar Avenue, Suite
150, Memphis, TN 38119, or by email at syndicate@wundernet.com. You
may also obtain these documents by visiting the EDGAR database on
the SEC’s web site at www.sec.gov.
About Franklin Street Properties
Franklin Street Properties Corp., based in Wakefield,
Massachusetts, is focused on investing in institutional-quality
office properties in the U.S. FSP’s strategy is to invest in select
urban infill and central business district (CBD) properties, with
primary emphasis on our top five markets of Atlanta, Dallas,
Denver, Houston, and Minneapolis. FSP seeks value-oriented
investments with an eye towards long-term growth and appreciation,
as well as current income. FSP is a Maryland corporation that
operates in a manner intended to qualify as a real estate
investment trust (REIT) for federal income tax purposes.
Forward-Looking Statements
Certain matters discussed in this press release are
forward-looking statements within the meaning of the federal
securities laws and are subject to uncertainties and risk and
actual results may differ materially from projections, including
matters related to the intended use of proceeds. Readers should
carefully review the Company’s financial statements and notes
thereto, as well as the risk factors described in the prospectus
supplement for the offering and in Part I, Item 1A of the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2015 and other documents the Company files from
time to time with the Securities and Exchange Commission. Such
forward-looking statements are based on current expectations and
speak as of the date of such statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of future events, new information or
otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160816006079/en/
For Franklin Street Properties Corp.Georgia Touma,
877-686-9496
Franklin Street Properties (AMEX:FSP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Franklin Street Properties (AMEX:FSP)
Historical Stock Chart
From Sep 2023 to Sep 2024