American Finance Trust Prices Public Offering of 3,200,000 Shares of 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock
American Finance Trust (Nasdaq: AFIN) announced the pricing of a public offering of 3,200,000 shares of 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 per share, with a potential overallotment option for an additional 480,000 shares. The net proceeds are estimated at $77.5 million, intended for general corporate purposes, possibly including property acquisitions. The closing is expected around December 18, 2020. AFIN has filed necessary documents with the SEC to facilitate this offering.
- Intended use of approximately $77.5 million in net proceeds for strategic acquisitions.
- A potential overallotment option allows underwriters to purchase an additional 480,000 shares, indicating strong demand.
- Possible dilution of existing shareholders' stakes due to the new issuance of preferred stock.
NEW YORK, Dec. 15, 2020 /PRNewswire/ -- American Finance Trust, Inc. (Nasdaq: AFIN) ("AFIN" or the "Company") today announced the pricing of an underwritten public offering of 3,200,000 shares of its
The Company estimates that the net proceeds from this offering, after deducting the underwriting discount but not other estimated offering expenses payable by the Company, will be approximately
The joint bookrunning managers for this offering are BMO Capital Markets Corp., B. Riley Securities, Inc. and Truist Securities, Inc. The joint lead managers for this offering are D.A. Davidson & Co, Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and William Blair & Company, L.L.C. The co-managers for this offering are Boenning & Scattergood, Inc. and National Securities Corporation.
The Series C Preferred Stock was offered pursuant to a prospectus supplement and accompanying prospectus under an effective shelf registration statement on file with the Securities and Exchange Commission (the "Commission").
About American Finance Trust, Inc.
American Finance Trust, Inc. (Nasdaq: AFIN) is a publicly traded real estate investment trust listed on the Nasdaq focused on acquiring and managing a diversified portfolio of primarily service-oriented and traditional retail and distribution related commercial real estate properties in the U.S. Additional information about AFIN can be found on its website at www.americanfinancetrust.com.
Important Notice
This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Any offer of the securities will be made only by means of a prospectus, forming part of the effective registration statement, the applicable preliminary prospectus supplement and other related documents. Copies of the prospectus and the prospectus supplement, subject to completion, relating to these securities may be obtained from BMO Capital Markets Corp. You should direct any requests to BMO Capital Markets Corp., Attention: Syndicate Department, 3 Times Square, 25th Floor, New York, New York 10036, by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com. You may also obtain a copy of the prospectus and the prospectus supplement, subject to completion, and other documents the Company has filed with the Commission for free by visiting the Commission's website at http://www.sec.gov.
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on the Company, the Company's tenants and the global economy and financial markets and that November 2020 rent collections may not be indicative of any future period, as well as those risks and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 27, 2020 and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
Contact
Investors and Media:
Email: investorrelations@americanfinancetrust.com
Phone: (866)-902-0063
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SOURCE American Finance Trust
FAQ
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