Underwriters of Jernigan Capital's common shares offering exercised their overallotment option to buy an additional 600,000 common shares in full on June 13.
The additional shares were purchased at a public offering price of $18.50 per share. The offering closed June 14.
Net proceeds from the offering, excluding estimated expenses payable by the company and including the proceeds from the sale of the additional shares, are about $81.3 million. The company plans to use the proceeds to repay amounts outstanding under its credit facility, fund its development portfolio and for general corporate purposes.
Raymond James & Associates Inc., Jefferies LLC, KeyBanc Capital Markets Inc. and Robert W. Baird & Co. Inc. served as joint book-running managers for the offering.