IndependenceRealty Trust Inc. priced its public of 25.0 million common sharesat $9.00 apiece for $225.0 million in gross proceeds.
The offering, set to close Oct. 5, also carries a 30-dayoption for the underwriters to buy up to 3,750,000 additional shares.
The company plans to use the net proceeds to fully repay its$40.0 million senior secured term loan facility, pay $43.0 million for itsmanagement internalization and repurchase up to 7,269,719 commonshares held by RAIT FinancialTrust subsidiaries. It will use any remaining funds to repayoutstanding borrowings under its $325.0 million senior secured credit facility.
Citigroup is the sole book-running manager, with KeyBancCapital Markets, Deutsche Bank Securities and BofA Merrill Lynch serving asjoint lead managers. Capital One Securities, FBR, Ladenburg Thalmann, WilliamBlair, Compass Point, Huntington Investment Co., Wunderlich, Ramirez & Co.Inc. and Comerica Securities are the co-managers.