VEREIT Inc. is selling 71.0 million shares of its common stock in a public offering.
Based on the single-tenant real estate investment trust's Sept. 23 closing stock price of $9.73 per share and assuming the full exercise of the underwriters' option to buy up to 10,650,000 additional shares, gross offering proceeds are expected to total about $794.5 million.
The REIT aims to use the net proceeds to pay amounts owed in connection with the settlement of certain litigation and for general corporate purposes.
Citigroup, Barclays and Morgan Stanley are the underwriters.
