Independence Realty Trust, Inc. Prices Public Offering of Common Stock
September 29 2016 - 6:31PM
Business Wire
Independence Realty Trust, Inc. (NYSE MKT: IRT) (the "Company")
today announced the pricing of its public offering of 25,000,000
shares of common stock at a public offering price of $9.00 per
share for total gross proceeds of $225.0 million. The offering is
expected to close on October 5, 2016, subject to the satisfaction
of customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to 3,750,000 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions.
Citigroup is acting as the sole book-running manager of the
offering. KeyBanc Capital Markets, Deutsche Bank Securities, and
BofA Merrill Lynch are acting as joint lead managers of the
offering. Capital One Securities, FBR, Ladenburg Thalmann, William
Blair, Compass Point, Huntington Investment Company, Wunderlich,
Ramirez & Co., Inc. and Comerica Securities are acting as
co-managers of the offering.
The Company intends to use the net proceeds from the offering to
(i) repay in full the Company’s $40.0 million senior secured term
loan facility, (ii) pay $43.0 million for the previously-announced
internalization of the Company’s management, as described in the
prospectus supplement referenced below, and (iii) repurchase up to
7,269,719 shares of the Company’s common stock held by subsidiaries
of RAIT Financial Trust. Any remaining proceeds will be used to
repay outstanding borrowings under the Company’s $325.0 million
senior secured credit facility.
A registration statement relating to the offered securities has
been declared effective by the Securities and Exchange Commission.
The offering is being made only by means of a prospectus supplement
and an accompanying prospectus. Copies of the prospectus and the
prospectus supplement relating to the offering, when available, may
be obtained by contacting Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel:
800-831-9146).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful before registration
or qualification thereof under the securities laws of any such
state or jurisdiction.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. is a real estate investment
trust that seeks to own well-located apartment properties in
geographic submarkets that it believes support strong occupancy and
the potential for growth in rental rates. The Company seeks to
provide stockholders with attractive risk-adjusted returns, with an
emphasis on distributions and capital appreciation. The Company is
externally advised by a wholly-owned subsidiary of RAIT Financial
Trust (NYSE: RAS).
Forward Looking Statements
This press release contains "forward-looking statements." These
forward -looking statements relate to beliefs, expectations or
intentions and similar statements concerning matters that are not
of historical fact and are generally accompanied by words such as
"estimate," "project," "predict," "believe," "expect,"
"anticipate," "intend," "anticipate," "potential," "plan," "goal"
or other words that convey the uncertainty of future events or
outcomes. These forward-looking statements may include, but are not
limited to, completion and terms of the offering and the intended
use of the net proceeds of the offering. The Company has based
these forward-looking statements on its current expectations and
assumptions about future events. While the Company's management
considers these expectations to be reasonable, they are inherently
subject to risks, contingencies and uncertainties, most of which
are difficult to predict and many of which are beyond the Company's
control. Investors should not place undue reliance on these
forward-looking statements. The Company expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based, except
as may be required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160929006425/en/
Independence Realty Trust, Inc.Andres Viroslav,
215-207-2100aviroslav@irtreit.com