Essential Properties Realty Trust Inc. is offering 32,500,000 shares of its common stock in an IPO.
The primarily single-tenant net-lease real estate company expects a price range of between $14 per share and $17 per share, based on which net proceeds are expected to be between $455 million and $552.5 million.
The underwriters have a 30-day option to exercise the acquisition of as many as 4,875,000 additional shares of common stock from the company at the IPO price less the underwriting discounts and commissions. If the underwriters exercise their overallotment option, net proceeds are likely to amount to a maximum of about $635.7 million.
The company's principal equity provider, Eldridge Industries LLC, will invest $125 million in a private placement of shares of common stock at a price equal to the IPO price.
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Barclays Capital Inc., Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are joint book-running managers for the IPO, while RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Evercore ISI and Ladenburg Thalmann are co-managers.
The underwriters are Goldman Sachs, Citigroup, Barclays, Merrill Lynch Pierce Fenner & Smith Inc., Credit Suisse, RBC Capital Markets, SunTrust Robinson Humphrey Inc., Evercore Group LLC and Ladenburg Thalmann & Co. Inc.
