Jernigan Capital, Inc. Announces Pricing of Public Offering of Common Stock
December 08 2016 - 8:45AM
Business Wire
Jernigan Capital, Inc. (NYSE: JCAP) (the "Company") today
announced that it has priced an underwritten public offering of
2,650,000 shares of its common stock at a public offering price of
$19.00 per share, for net proceeds, after the underwriting discount
but before estimated expenses of the offering payable by the
Company, of approximately $47.7 million.
The offering is expected to close on December 13, 2016, subject
to customary closing conditions. The Company has granted the
underwriters a 30-day option to purchase up to an additional
397,500 shares of common stock.
The Company intends to use the net proceeds from the offering to
fund its development portfolio and for general corporate
purposes.
Raymond James & Associates, Inc. and Jefferies LLC are
acting as joint book-running managers for the offering and Robert
W. Baird & Co. Incorporated and FBR & Co. are acting as
co-managers.
This offering may only be made by means of a prospectus
supplement and the accompanying prospectus. Copies of the
preliminary prospectus supplement and accompanying prospectus
related to the offering may be obtained by visiting the Securities
and Exchange Commission’s (the “SEC”) website at www.sec.gov or
from Raymond James & Associates, Inc., 880 Carillon Parkway,
St. Petersburg, FL 33716, telephone: (800) 248-8863, email:
prospectus@raymondjames.com; and Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022, telephone: (877) 821-7388, email:
Prospectus_Department@Jefferies.com.
The offering is being made pursuant to a shelf registration
statement on Form S-3 that was declared effective by the SEC on
June 24, 2016. A preliminary prospectus supplement relating to the
offering was filed with the SEC. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any of these securities, nor shall there be any sale of these
securities 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 any such state or other
jurisdiction.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real
estate investment trust (NYSE: JCAP) that provides debt and equity
capital to private developers, owners, and operators of
self-storage facilities. The Company's mission is to be the
preeminent capital partner for self-storage entrepreneurs
nationwide by offering creative solutions through an experienced
team demonstrating the highest levels of integrity, dedication,
excellence and community, while maximizing shareholder value. The
Jernigan Capital team has extensive experience in over 100 U.S.
markets—from acquiring and managing self-storage properties to new
self-storage development—providing JCAP with knowledge unmatched by
any lender, broker or advisor to the sector. Jernigan Capital is
the only source of construction and development capital focused
solely on the self-storage sector. The Company has elected to be
taxed as a real estate investment trust (REIT) for U.S. federal
income tax purposes.
Forward-Looking Statements
This press release may include "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. The ultimate occurrence of events and results referenced
in these forward-looking statements is subject to known and unknown
risks, uncertainties, and other factors that may cause the actual
results or performance to differ from those projected in the
forward-looking statement. For example, the fact that the offering
has priced may imply that the offering will close, but the closing
is subject to conditions customary in transactions of this type and
may be delayed or may not occur at all. In addition, the fact that
the underwriters have an option to purchase additional shares may
imply that this option will be exercised. However, the underwriters
are not under any obligation to exercise this option, or any
portion of it, and may not do so. Investors should not place undue
reliance upon forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20161208005631/en/
Jernigan Capital, Inc.John Good, 901-567-9517President and Chief
Operating Officerjohn@jernigancapital.com
Jernigan Capital (NYSE:JCAP)
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