Campus Crest Communities, Inc. Announces Pricing of Reopening of 8.00% Series A Cumulative Redeemable Preferred Stock
October 03 2013 - 6:00PM
Business Wire
Campus Crest Communities, Inc. (NYSE:CCG) (the “Company”)
today announced it has priced, in an underwritten public offering,
a reopening of 3,400,000 shares of its 8.00% Series A Cumulative
Redeemable Preferred Stock (the “Series A Preferred Stock”) with a
liquidation preference of $25.00 per share. The Company also
granted the underwriters a 30-day option to purchase up to an
additional 510,000 shares of the Series A Preferred Stock. The
offering is expected to close on or about October 9, 2013, subject
to customary closing conditions.
The Company estimates that the net proceeds from this offering,
after deducting the underwriting discount and other estimated
offering expenses, will be approximately $82.0 million or $94.4
million if the underwriters’ option to purchase additional shares
is exercised in full. The Company intends to use the net proceeds
from the offering for the repayment of debt, future development or
for other general corporate and working capital purposes.
BofA Merrill Lynch, Raymond James, Barclays, Citigroup and RBC
Capital Markets are serving as joint book-running managers for the
offering. Baird, MLV & Co. LLC, BBVA, Capital One Securities,
and PNC Capital Markets LLC are serving as co-managers.
An automatic shelf registration statement relating to these
securities has been filed with 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.
The offering of these securities will be made only by means of a
prospectus supplement and related base prospectus, dated April 25,
2013, filed as part of the Company’s automatic shelf registration
statement relating to these securities. Copies of the final
prospectus supplement and base prospectus relating to these
securities may be obtained by contacting: (a) Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Attention: Prospectus
Department, 222 Broadway, New York, NY 10038, Email:
dg.prospectus_requests@baml.com; (b) Raymond James &
Associates, Inc., 880 Carillon Parkway, St. Petersburg,
Florida 33716, or by calling toll-free at 1-800-248-8863, or
emailing prospectus@raymondjames.com; (c) Barclays Capital
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by calling toll-free (888) 603-5847 or
emailing Barclaysprospectus@broadridge.com; (d) Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, Tel: 800-831-9146 or e-mail
batprospectusdept@citi.com; or (e) RBC Capital Markets, LLC,
Attention: Syndicate Operations Department, Three World
Financial Center, 200 Vesey Street 8th Floor, New
York, New York 10281, or by calling toll free 1-866-375-6829,
or emailing rbcnyfixedincomeprospectus@rbccm.com.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading developer, builder,
owner and manager of high-quality student housing properties
located close to college campuses in targeted markets. It has
ownership interests in 80 student housing properties and ~43,000
beds across North America, of which 73 are operating and 7 are
development or redevelopment properties. The Company is an equity
REIT that differentiates itself through its vertical integration
and consistent branding across the portfolio through three unique
brands targeting different segments of the college student
population. The Grove® brand offers more traditional apartment
floor plans and focuses on customer service, privacy, on-site
amenities and a proprietary residence life program. The Copper
Beech brand and townhome product offers more residential-type
living to students looking for a larger floor plan with a front
door and back porch.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, 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. The Company 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 the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company 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 the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company’s Quarterly Reports
on Form 10-Q.
Campus Crest Communities, Inc.Thomas Nielsen,
704-496-2571Investor.Relations@CampusCrest.com
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