Gramercy Property Trust Announces Pricing of Public Offering of 9,000,000 Common Shares
April 20 2017 - 9:13PM
Business Wire
Gramercy Property Trust (NYSE:GPT), a real estate
investment trust, announced today the pricing of the public
offering of 9,000,000 common shares at a public offering price of
$27.60 per share for estimated net proceeds of $238.1 million after
deducting for underwriting discounts and offering expenses payable
by the Company. In addition, the underwriters of the offering have
a 30-day option to purchase up to an additional 1,350,000 common
shares. The offering is subject to customary closing conditions and
is expected to close on April 26, 2017.
The Company intends to use the net proceeds of this offering to
fund the future acquisition of its target assets consistent with
its investment strategies and for working capital and other general
corporate purposes, which may include the repayment or repurchase
of indebtedness.
Morgan Stanley and J.P. Morgan acted as joint book-running
managers for the offering. BofA Merrill Lynch, Citigroup, SunTrust
Robinson Humphrey, Wells Fargo Securities and Stifel also acted as
book-running managers for the offering. Ladenburg Thalmann, BNY
Mellon Capital Markets, LLC, BTIG, Capital One Securities, MUFG,
Scotiabank, TD Securities, CJS Securities, Compass Point, D.A.
Davidson & Co., Huntington Investment Company and JMP
Securities acted as co-managers for the offering.
The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (“SEC”). The offering is being made only by means of a
prospectus supplement and the accompanying prospectus, copies of
which may be obtained by contacting: Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, New York 10014,; or J.P. Morgan Securities LLC, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by calling 1-866-803-9204. These documents will also
be filed with the SEC and will be available at the SEC’s website
at http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities, nor shall
there be any sale of the securities, in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset
manager of commercial real estate. The Company specializes in
acquiring and managing high quality, income producing commercial
real estate leased to high quality tenants in major markets in the
United States and Europe.
Forward-Looking Statements
This press release contains forward-looking information based
upon the Company's current best judgment and expectations. Actual
results could vary from those presented herein. The risks and
uncertainties associated with forward-looking information in this
release include, but are not limited to, factors that are beyond
the Company's control, including the factors listed in the
Company's Annual Report on Form 10-K. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For example, the fact that the offering described above has priced
may imply that the offering will close, but 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 will
not be under any obligation to exercise any such option, or any
portion of it, and they 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/20170420006716/en/
For Gramercy Property TrustJon W. Clark, 212-297-1000Chief
Financial OfficerorAshley M. Mancuso, 212-297-1000Investor
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