DALLAS, Nov. 14, 2018 /PRNewswire/ -- NexPoint
Residential Trust, Inc. (NYSE: NXRT) ("NXRT") announced today that
it has priced its previously announced underwritten public offering
of 2,350,000 shares of its common stock at a price to the public of
$33 per share, for net proceeds of
approximately $74 million, after
giving effect to the underwriting discount but before estimated
expenses payable by NXRT.
The offering is expected to close on or about November 16, 2018, subject to customary closing
conditions. NXRT granted the underwriters an option to purchase up
to an additional 352,500 shares of its common stock in connection
with the offering.
NXRT intends to contribute the net proceeds from the offering to
NexPoint Residential Trust Operating Partnership, L.P., its
operating partnership, which in turn intends to use the net
proceeds to repay the amount outstanding under its $30 million bridge facility and a portion of the
amount outstanding under its $60
million credit facility.
Raymond James & Associates,
Inc. and Jefferies LLC are acting as joint book running managers
for the offering. D.A. Davidson & Co. and Ladenburg Thalmann
& Co. Inc., a subsidiary of Ladenburg Thalmann Financial
Services Inc., are serving as co-managers.
The offering may only be made by means of a prospectus
supplement and the accompanying prospectus. Copies of the
prospectus supplement and the accompanying prospectus related to
the offering may be obtained, when available, by visiting EDGAR on
the Securities and Exchange Commission (the "SEC") website at
www.sec.gov or from Raymond James
& Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone: (800)
248-8863, email: prospectus@raymondjames.com; and Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY
10022, telephone: (877) 821-7388,
email: Prospectus_Department@Jefferies.com.
The offering is being made pursuant to a shelf registration
statement on Form S-3 that was declared effective by the SEC on
April 24, 2017. A prospectus
supplement relating to the offering has been filed with the SEC.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of these securities, 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 NXRT
NexPoint Residential Trust is a publicly traded REIT, with its
shares listed on the New York Stock Exchange under the symbol
"NXRT," primarily focused on acquiring, owning and operating
well-located middle-income multifamily properties with "value-add"
potential in large cities and suburban submarkets of large cities,
primarily in the Southeastern and Southwestern United States. NXRT is externally
advised by NexPoint Real Estate Advisors, L.P., an affiliate of
Highland Capital Management, L.P., a leading global alternative
asset manager and an SEC-registered investment adviser.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management's current expectations, assumptions
and beliefs. Forward-looking statements can often be identified by
words such as "expect," "anticipate," "estimate," "may," "should,"
"intend" and similar expressions, and variations or negatives of
these words. These forward-looking statements include, but are not
limited to, statements regarding the closing of NXRT's offering of
common stock and the use of proceeds from the offering. They are
not guarantees of future results and are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed in any forward-looking
statement. Readers should not place undue reliance on any
forward-looking statements and are encouraged to review the
Company's most recent Annual Report on Form 10-K and other filings
with the SEC for a more complete discussion of the risks and other
factors that could affect any forward-looking statements. Except as
required by law, NXRT does not undertake any obligation to publicly
update or revise any forward-looking statements.
Contact:
Marilynn
Meek
Financial Relations Board
212-827-3773
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SOURCE NexPoint Residential Trust, Inc.