Campus Crest Communities, Inc. Announces Exercise of Underwriters’ Option and Subsequent Closing of Common Stock Offering
March 06 2013 - 7:22AM
Business Wire
Campus Crest Communities, Inc. (NYSE:CCG) (“CCG”) today
announced it closed its previously announced underwritten public
offering of 25,530,000 shares of its common stock, including
3,330,000 shares issued and sold pursuant to the full exercise of
the underwriters’ option to purchase additional shares. The shares
were issued at a public offering price of $12.25 per share, for net
proceeds of approximately $299.9 million, after deducting the
underwriting discount and other net estimated offering costs.
CCG intends to use the net proceeds from this offering to fund
the investment in the Copper Beech Townhome Communities’ portfolio
and related transactional costs. Any remaining net proceeds will be
used for general corporate purposes, including the repayment of
debt. Raymond James, Barclays, Citigroup, BofA Merrill Lynch and
RBC Capital Markets served as joint book-running managers for the
offering. Baird and MLV & Co served as co-managers for the
offering.
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission. 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 such state or other jurisdiction.
Copies of the preliminary prospectus supplement, final
prospectus supplement and the related base prospectus may be
obtained by contacting: (a) Raymond James, 880 Carillon Parkway,
St. Petersburg, Florida 33716, or by calling toll-free at
1-800-248-8863, or emailing prospectus@raymondjames.com; or (b)
Barclays, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717, or by calling 1-888-603-5847 or
emailing barclaysprospectus@broadridge.com; or (c) or the Internet
site of the Securities and Exchange Commission at
http://www.sec.gov.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder,
owner and manager of high-quality, residence life focused student
housing properties located close to college campuses in targeted
U.S. markets. CCG is a self-managed, self-administered and
vertically-integrated real estate investment trust which operates
all of its properties under The Grove® brand. CCG owns interests in
39 operating student housing properties containing approximately
20,884 beds. CCG plans to deliver six projects containing
approximately 3,564 beds in the third quarter of 2013.
Additionally, CCG is developing a 33-story student housing tower in
Philadelphia, PA containing approximately 850 beds for delivery in
the third quarter of 2014. Since its inception, CCG has focused on
customer service, privacy, on-site amenities and its proprietary
residence life programs to provide college students across the
United States with a higher quality of living.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by CCG, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. CCG intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts” or
“potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond CCG’s control that may
cause actual results to differ significantly from those expressed
in any forward-looking statement, including risks and uncertainties
related to the proposed transaction (including but not limited to
(i) the occurrence of any effect, event, development, or change
that could give rise to the termination of the purchase and sale
agreement, (ii) the failure to complete the proposed transaction,
and (iii) the failure of any party to satisfy the conditions to the
closing of the transaction. All forward-looking statements reflect
CCG’s good faith beliefs, assumptions and expectations, but they
are not guarantees of future performance. Furthermore, except as
otherwise required by federal securities laws, CCG disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes.
For a further discussion of these and other factors that could
cause CCG’s future results to differ materially from any
forward-looking statements, see the risk factors discussed in CCG’s
most recent Annual Report on Form 10-K and in the prospectus
supplement relating to the offering referred to in this press
release.
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