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STORE Capital launches common stock offering

STORE Capital Corp. is selling 7.6 million shares of its common stock in an underwritten public offering.

The company said it plans to grant the underwriters a 30-day option to acquire up to 1,140,000 additional shares.

Based on the company's per-share closing stock price of $23.46 on March 27, gross proceeds, including the additional-share option, are expected to be roughly $205.0 million.

STORE Capital plans to use the net proceeds to partially repay the amounts outstanding under its unsecured revolving credit facility and to finance property purchases.

Goldman Sachs & Co. and Morgan Stanley are the joint book-running managers.