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Monmouth Real Estate targets $132.5M net proceeds from public offering


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Monmouth Real Estate targets $132.5M net proceeds from public offering

Industrial real estate investment trust Monmouth Real Estate Investment Corp. priced its public offering of 8.0 million shares of its common stock at $15 apiece, before underwriting discounts.

The underwriters have a 30-day option to buy up to 1.2 million additional shares at the public offering price, less the underwriting discount.

Net proceeds from the offering are expected to total approximately $115.2 million, after deducting underwriting discounts, or $132.5 million in the event that the underwriters fully exercise their overallotment option, according to a release.

Monmouth Real Estate will use the proceeds to fund the purchase and expansion of properties, to repay outstanding borrowings under its unsecured revolving credit facility and for general corporate purposes.

The offering is expected to close on or about Oct. 9, subject to customary closing conditions.

BMO Capital Markets, J.P. Morgan and RBC Capital Markets are the joint book-running managers for the offering. B. Riley FBR, D.A. Davidson & Co., Janney Montgomery Scott and CSCA Capital Advisors LLC are the co-managers.