DALLAS, Oct. 3, 2017 /PRNewswire/ -- Spirit Realty
Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company") announced
today that it has closed its previously announced offering of
6,900,000 shares of 6.000% Series A Cumulative Redeemable Preferred
Stock with a liquidation preference of $25.00 per share, inclusive of 900,000 shares of
6.000% Series A Cumulative Redeemable Preferred Stock issued in
connection with the underwriters' exercise of their over-allotment
option, for aggregate net proceeds of $166.6
million after deducting the underwriting discount and the
Company's estimated expenses.
The Company intends to file an application to list the shares of
6.000% Series A Cumulative Redeemable Preferred Stock on the New
York Stock Exchange under the symbol "SRC Pr A". If the application
is approved, trading is expected to commence within 30 days.
The Company will contribute the net proceeds from the offering
to Spirit Realty, L.P., its operating partnership (the "Operating
Partnership"), in exchange for preferred units of the Operating
Partnership. The Operating Partnership intends to use the net
proceeds from the offering to repay amounts outstanding under its
revolving credit facility and for general corporate purposes.
Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner
& Smith Incorporated and Wells Fargo Securities, LLC served as
joint book-running managers for the preferred stock
offering.
The preferred stock offering was made under an effective shelf
registration statement filed with the Securities and Exchange
Commission. A copy of the prospectus supplement and the
accompanying prospectus relating to the preferred stock offering
may be obtained by contacting: (a) Morgan Stanley & Co. LLC,
180 Varick Street, 2nd Floor, New York,
NY 10014, Attention: Prospectus Department; (b) Merrill
Lynch, Pierce, Fenner & Smith Incorporated, 200 North College
Street, NC1-004-03-43, Charlotte,
NC 28255-0001, Attention: Prospectus Department (telephone:
1-800-294-1322 or email: dg.prospectus_requests@baml.com); or (c)
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention: WFS Customer Service (telephone:
1-800-645- 3751 or email: wfscustomerservice@wellsfargo.com).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the preferred stock or any other
securities, nor shall there be any offer, solicitation or sale of
the preferred stock or any other securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a net-lease real
estate investment trust ("REIT") that primarily invests in
operationally essential real estate, subject to long-term, net
leases.
As of June 30, 2017, our
diversified portfolio was comprised of 2,549 properties, including
properties securing mortgage loans made by the Company. The
Company's properties comprise an aggregate gross leasable area of
approximately 51 million square feet, are leased to approximately
432 tenants across 49 states and 30 industries.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. These forward-looking statements
can be identified by the use of words such as "expect," "plan,"
"will," "estimate," "project," "intend," "believe," "guidance," and
other similar expressions that do not relate to historical matters.
These forward-looking statements are subject to known and unknown
risks and uncertainties that can cause actual results to differ
materially from those currently anticipated due to a number of
factors, which include, but are not limited to, Spirit's continued
ability to source new investments, risks associated with using debt
to fund Spirit's business activities (including refinancing and
interest rate risks, changes in interest rates and/or credit
spreads, changes in the price of our common stock, and conditions
of the equity and debt capital markets, generally), unknown
liabilities acquired in connection with acquired properties or
interests in real-estate related entities, general risks affecting
the real estate industry and local real estate markets (including,
without limitation, the market value of our properties, the
inability to enter into or renew leases at favorable rates,
portfolio occupancy varying from our expectations, dependence on
tenants' financial condition and operating performance, and
competition from other developers, owners and operators of real
estate), the financial performance of our retail tenants and the
demand for retail space, particularly with respect to challenges
being experienced by general merchandise retailers, potential
fluctuations in the consumer price index, risks associated with our
failure to maintain our status as a REIT under the Internal Revenue
Code of 1986, as amended, risks and uncertainties related to the
completion and timing of Spirit's proposed spin-off of properties
leased to Shopko Retail Shops Holding Corp. and certain of its
affiliates and assets that collateralize Master Trust 2014 and the
impact of the spin-off on Spirit's business, and other additional
risks discussed in Spirit's most recent filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K.
Spirit expressly disclaims any responsibility to update or revise
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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SOURCE Spirit Realty Capital, Inc.