Vereit Inc (NYSE:VER) shares ducked back early Tuesday morning on a massive common stock offering. The Phoenix-based company announced today that it had priced an underwritten public offering of 82,000,000 shares of common stock, upsized from 71,000,000 shares of common stock, for expected gross proceeds of approximately $779.0 million.
Subject to customary conditions, the offering is expected to close on September 26
Citigroup, Barclays and Morgan Stanley are serving as the underwriters of the offering. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
VER intends to use the net proceeds of this offering to pay amounts owed in connection with the settlement of certain litigation and for general corporate purposes. The offering will be made pursuant to a prospectus supplement to the Company's prospectus, dated last April filed as part of the Company's effective shelf registration statement relating to these securities.
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. The Company has total real estate investments of $15.0 billion including approximately 4,000 properties and 90.6 million square feet.
Shares dropped 14 cents, or 1.5%, to $9.58
