Agree RealtyCorp. priced an upsized offering of 2.5 million shares of commonstock, for expected gross proceeds of roughly $99.4 million before deductingexpenses and the underwriting discount.
The company granted the underwriters a 30-day option topurchase up to an additional 375,000 shares of common stock. The offering isexpected to close on May 10.
The offering was previously for 2,250,000 shares, plus anunderwriters' option of up to 337,500 shares.
The company intends to use the net proceeds of the offeringto reduce amounts outstanding under its revolving credit facility, to fundproperty acquisitions and development activity, for working capital and forgeneral corporate purposes.
Raymond James, Jefferies and Wells Fargo Securities areacting as joint book-running managers; Baird, Stifel and Janney MontgomeryScott are acting as senior co-managers; and BTIG, Capital One Securities,Ladenburg Thalmann and Wunderlich are acting as co-managers for the offering.