Single-tenant net-lease real estate investment trust Essential Properties Realty Trust Inc. priced an upsized underwritten public offering of 12.2 million shares of its common stock at a public offering price of $17.50 apiece.
Assuming a full exercise of the underwriters' 30-day option to acquire up to an additional 1,830,000 shares, the gross offering proceeds are expected to be roughly $245.5 million.
Net proceeds from the offering, which is expected to close March 18, are marked for repayment of outstanding borrowings under the company's revolving credit facility and for general corporate purposes.
Citigroup, Barclays, BofA Merrill Lynch, Credit Suisse, Goldman Sachs & Co. LLC and RBC Capital Markets are the joint book-running managers for the offering.
SunTrust Robinson Humphrey, Capital One Securities, Mizuho Securities, Stifel, Evercore ISI and Ladenburg Thalmann are the co-managers.