Gramercy Property Trust Announces Closing of Public Offering of 10,350,000 Common Shares
April 26 2017 - 4:05PM
Business Wire
Gramercy Property Trust (NYSE:GPT), a real estate
investment trust, announced today the closing of the public
offering of 10,350,000 common shares, which includes the exercise
in full by the underwriters of their option to purchase up to an
additional 1,350,000 common shares, at a public offering price of
$27.60 per share.
The net proceeds of the offering were approximately $273.8
million, after deducting for underwriting discounts and offering
expenses payable by the Company. The Company intends to use the net
proceeds of this offering to fund the future acquisition of its
target assets consistent with its investment strategies and for
working capital and other general corporate purposes, which may
include the repayment or repurchase of indebtedness.
Morgan Stanley and J.P. Morgan acted as joint book-running
managers for the offering. BofA Merrill Lynch, Citigroup, SunTrust
Robinson Humphrey, Wells Fargo Securities and Stifel also acted as
book-running managers for the offering. Ladenburg Thalmann, BNY
Mellon Capital Markets, LLC, BTIG, Capital One Securities, MUFG,
Scotiabank, TD Securities, CJS Securities, Compass Point, D.A.
Davidson & Co., Huntington Investment Company and JMP
Securities acted as co-managers for the offering. The Company’s
counsel for the offering was Morgan, Lewis & Bockius LLP and
the underwriters’ counsel for the offering was Vinson & Elkins
LLP.
The offering was made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (“SEC”). The offering was made only by means of a
prospectus supplement and the accompanying prospectus, copies of
which may be obtained by contacting: Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, New York 10014,; or J.P. Morgan Securities LLC, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by calling 1-866-803-9204. These documents were also
filed with the SEC and are available at the SEC’s website
at http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities, nor shall
there be any sale of the securities, in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset
manager of commercial real estate. The Company specializes in
acquiring and managing high quality, income producing commercial
real estate leased to high quality tenants in major markets in the
United States and Europe.
Forward-Looking Statements
This press release contains forward-looking information based
upon the Company's current best judgment and expectations. Actual
results could vary from those presented herein. The risks and
uncertainties associated with forward-looking information in this
release include, but are not limited to, factors that are beyond
the Company's control, including the factors listed in the
Company's Annual Report on Form 10-K. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170426006567/en/
Gramercy Property TrustJon W. Clark, 212-297-1000Chief Financial
OfficerorAshley M. Mancuso, 212-297-1000Investor Relations
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