MedEquitiesRealty Trust Inc. priced its IPO of 19,925,333 common shares at $12.00 apiece, thelow end of its projected range, for expected net proceeds of roughly$210.2 million.
The offering comprises 19.0 million shares being sold by thecompany and 925,333 shares by certain selling stockholders. The underwritershave also been granted a 30-day overallotment option to buy up to 2,988,800additional shares.
The company expects the offering to close Oct. 4.
MedEquities will use the net proceeds to redeem itsoutstanding preferred stock, repay amounts under its secured credit facilityand for general corporate purposes.
The company expects the shares to start trading on the NYSESept. 29 under the MRT ticker symbol.
FBR, J.P. Morgan, Citigroup, KeyBanc Capital Markets,Raymond James and RBC Capital Markets are the joint book-running managers,while JMP Securities, Fifth Third Securities and Capital One Securities are theco-managers.