Spirit Realty CapitalInc. kicked off an underwritten public offering of 27.0 million sharesof its common stock and granted the underwriters a 30-day option to buy up to 4,050,000additional shares.
The company plans to use the net proceeds from the offering toreduce amounts outstanding under its $370.0 million term loan facility, accordingto an April 11 news release.
It expects to redraw on its term loan facility and revolvingcredit facility from time to time to repay approximately $200.0 million of outstandingcommercial mortgage-backed securities maturing within the next 12 months, to fundidentified and potential future acquisitions, and for general corporate purposes.
Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and DeutscheBank Securities are acting as joint book runners for the offering.