CoreSite Realty Corporation Announces Pricing of Sale of Common Stock
August 03 2020 - 9:19AM
Business Wire
CoreSite Realty Corporation (NYSE:COR) (“CoreSite”), a premier
provider of secure, reliable, high-performance data center, cloud
and interconnection solutions across the U.S., today announced the
pricing of the previously announced sale of 230,172 shares of its
common stock by investment funds affiliated with The Carlyle Group
at a price to the public of $128.75. Morgan Stanley is acting as
sole underwriter in connection with the offering.
In connection with the offering, certain investment funds
affiliated with The Carlyle Group are selling down their remaining
holdings in CoreSite. Upon completion of the offering, investment
funds affiliated with The Carlyle Group will continue to hold an
aggregate of 5,875,218 partnership units in CoreSite’s operating
partnership that they may elect to redeem in whole or in part for
cash or, at CoreSite’s option, CoreSite may elect to acquire those
operating partnership units submitted for redemption in exchange
for shares of its common stock on a one-for-one basis. If all such
operating partnership units were tendered for redemption and
CoreSite elected to acquire such units in exchange for shares of
its common stock, investment funds affiliated with The Carlyle
Group would own an aggregate of 12.1% of CoreSite’s issued and
outstanding common stock. The offering is expected to close and
settle on or about August 5, 2020, subject to customary closing
conditions. Neither CoreSite nor CoreSite’s management is selling
any shares of common stock in the offering and CoreSite will not
receive any of the proceeds from the offering of shares by the
selling stockholders.
CoreSite has filed a registration statement (including a
prospectus) with the U.S. Securities and Exchange Commission (the
“SEC”) for the offering to which this communication relates. Before
investing, you should read the prospectus and other documents filed
with the SEC for information about CoreSite and this offering. You
may get these documents for free by visiting the SEC’s website at
www.sec.gov. A copy of the prospectus and any prospectus
supplements may also be obtained from Morgan Stanley & Co LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these 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.
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center, cloud and interconnection
solutions to a growing customer ecosystem across eight key North
American markets. More than 1,350 of the world’s leading
enterprises, network operators, cloud providers, and supporting
service providers choose CoreSite to connect, protect and optimize
their performance-sensitive data, applications and computing
workloads. Our scalable, flexible solutions and 450+ dedicated
employees consistently deliver unmatched data center options — all
of which leads to a best-in-class customer experience and lasting
relationships.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. 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 “believes,” “expects,”
“may,” “will,” “should,” “seeks,” “approximately,” “intends,”
“plans,” “pro forma,” “estimates” or “anticipates” or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond CoreSite’s control that may
cause actual results to differ significantly from those expressed
in any forward-looking statement. These risks include, without
limitation: the geographic concentration of CoreSite’s data centers
in certain markets and any adverse developments in local economic
conditions or the level of supply of or demand for data center
space in these markets; fluctuations in interest rates and
increased operating costs; difficulties in identifying properties
to acquire and completing acquisitions; significant industry
competition, including indirect competition from cloud service
providers; failure to obtain necessary outside financing; the
ability to service existing debt; the failure to qualify or
maintain its status as a REIT; financial market fluctuations;
changes in real estate and zoning laws and increases in real
property tax rates; the effects on our business operations, demand
for our services and general economic conditions resulting from the
spread of the novel coronavirus (“COVID-19”) in our markets, as
well as orders, directives and legislative action by local, state
and federal governments in response to such spread of COVID-19; and
other factors affecting the real estate industry generally. All
forward-looking statements reflect CoreSite’s good faith beliefs,
assumptions and expectations, but they are not guarantees of future
performance. Furthermore, CoreSite disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. For a further
discussion of these and other factors that could cause CoreSite’s
future results to differ materially from any forward-looking
statements, see the section entitled “Risk Factors” in its most
recent annual report on Form 10-K, and other risks described in
documents subsequently filed by CoreSite from time to time with the
SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200803005437/en/
CoreSite Contact Kate Ruppe Investor Relations
303-222-7369 InvestorRelations@CoreSite.com
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