Green Brick Partners, Inc. Announces Proposed Offering of Common Stock
June 18 2018 - 5:02PM
Green Brick Partners, Inc. (NASDAQ:GRBK) (the “Company”) announced
today that it is commencing a registered underwritten public
offering of 10,700,000 shares of its common stock. The Company is
issuing and selling 2,488,733 shares, and certain selling
stockholders affiliated with Third Point LLC are selling 8,211,267
shares. The Company expects to grant the underwriters a 30-day
option to purchase up to 1,605,000 additional shares of the
Company’s common stock.
The Company intends to use the net proceeds of
its portion of the offering for general corporate purposes. The
Company will not receive any proceeds from the sale of shares by
the selling stockholders.
Citigroup, Credit Suisse and J.P. Morgan are
joint book-running managers for the offering. BTIG and JMP
Securities will act as co-managers for the offering.
The offering of these securities will be made
pursuant to a registration statement on Form S-3, as amended (File
No. 333-223610) previously filed with the U.S. Securities and
Exchange Commission (the “SEC”) and declared effective by the SEC
on March 20, 2018. A preliminary prospectus supplement relating to
the offering has been filed with the SEC. Copies of the preliminary
prospectus supplement related to the offering, the accompanying
prospectus and, when available, the prospectus supplement, may be
obtained by contacting Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at (800) 831-9146; Credit Suisse
Securities (USA) LLC, Attention: Prospectus Department, One Madison
Avenue, New York, NY 10010, or by telephone at (800) 221-1037 or by
email at newyork.prospectus@credit-suisse.com; J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, or by telephone at (866)
803-9204.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy securities, nor shall
there be any sale of securities in any state or 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 jurisdiction. The offering of these securities will be
made only by means of the applicable prospectus supplement and
accompanying prospectus.
About Green Brick Partners
Green Brick Partners, Inc. (NASDAQ:GRBK) is a
diversified homebuilding and land development company. Green Brick
owns a controlling interest in four homebuilding companies in
Dallas, Texas (CB JENI Homes of DFW LLC, Normandy Homes (a division
of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes,
LLC), as well as a homebuilder in Atlanta, Georgia (The Providence
Group of Georgia, LLC) and a homebuilder in Port St. Lucie, Florida
(GRBK GHO Homes, LLC). Green Brick also owns a non-controlling
interest in Challenger Homes in Colorado Springs, Colorado. The
Company is engaged in all aspects of the homebuilding process,
including land acquisition and the development, entitlements,
design, construction, marketing, and sales for its residential
neighborhoods and master planned communities.
Forward-Looking Statements
Any statements in this press release about Green
Brick’s expectations, beliefs, plans, objectives, prospects,
financial condition, assumptions or future events or performance
that are not historical facts are forward-looking statements.
These statements are often, but not always, made through the use of
words or phrases such as “may,” “will,” “should,” “could,” “would,”
“predicts,” “potential,” “continue,” “expects,” “anticipates,”
“future,” “outlook,” “strategy,” “positioned,” “intends,” “plans,”
“believes,” “projects,” “estimates” and similar expressions, as
well as statements in the future tense. These statements are based
on assumptions that Green Brick has made in light of its experience
in the industry as well as its perceptions of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate under the circumstances. Accordingly,
all such forward-looking statements involve estimates and
assumptions that are subject to risks, uncertainties and other
factors that could cause actual results to differ materially from
the results expressed in the statements. Among the factors that
could cause actual results to differ materially from those
projected in the forward-looking statements are the following:
general economic conditions, seasonality, cyclicality and
competition in the homebuilding industry; demand for real estate
investments in the geographic markets in which we operate; our
ability to successfully manage and integrate acquisitions;
significant inflation or deflation; labor and raw material
shortages; the failure to recruit, retain and develop highly
skilled and competent employees; an inability to acquire land
suitable for residential homebuilding at reasonable prices; an
inability to develop and sell communities successfully or within
expected timeframes; risks related to regulatory approvals and
government regulation; the interpretation of or changes to tax,
labor and environmental laws and regulations; volatility of
mortgage interest rates; the unavailability of mortgage financing;
the occurrence of severe weather or natural disasters; risks
related to future growth through strategic investments, joint
ventures, partnerships and/or acquisitions; the inability to obtain
suitable bonding for the development of housing projects;
difficulty in obtaining sufficient capital; the occurrence of a
major health and safety incident; poor relations with the residents
of our communities; information technology failures and data
security breaches; product liability claims, litigation and
warranty claims; our debt and related service obligations; required
accounting changes; an inability to maintain effective internal
control over financial reporting; and other risks and uncertainties
inherent in our business. Additional factors that could cause
actual results to differ from those anticipated are discussed in
the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's
annual and quarterly reports filed with the Securities and Exchange
Commission. Because the factors referred to above could cause
actual results or outcomes to differ materially from those
expressed or implied in any forward-looking statements made by
Green Brick, you should not place undue reliance on any such
forward-looking statements. Further, any forward-looking statement
speaks only as of the date of this press release, and Green Brick
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after such date.
Contact: Shalott Cecchini Marketing Manager (T)
469-573-6741 scecchini@greenbrickpartners.com
Green Brick Partners (NASDAQ:GRBK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Green Brick Partners (NASDAQ:GRBK)
Historical Stock Chart
From Sep 2023 to Sep 2024