Jernigan Capital has launched an underwritten public offering of 3.5 million shares of its common stock.
The company intends to grant the underwriters a 30-day option to purchase up to an additional 525,000 shares.
Based on Jernigan's June 11 closing stock price of $20.28, S&P Global Market Intelligence calculates a gross offering size of approximately $81.6 million.
Jernigan expects to use the net proceeds to repay outstanding amounts under its credit facility, fund its investment portfolio and for general corporate purposes.
Raymond James & Associates Inc., Jefferies LLC, KeyBanc Capital Markets Inc. and Robert W. Baird & Co. Inc. are acting as joint book-running managers for the offering.
