Four Springs Capital Trust Announces Launch of its Initial Public Offering

Rhea-AI Summary

Four Springs Capital Trust (FSPR) has started an initial public offering (IPO) of 18,000,000 common shares, priced between $13.00 and $15.00 per share. The company plans to grant underwriters a 30-day option for an additional 2,700,000 shares. Proceeds from the IPO will be used for pending acquisitions, repayment of loans, and general corporate purposes. FSPR's shares are set to be listed on the New York Stock Exchange under the ticker symbol "FSPR." Major financial institutions including Morgan Stanley and Goldman Sachs are involved in the offering.

Positive

• Plans to use IPO proceeds for acquisitions and loan repayments.
• Listing on the New York Stock Exchange enhances market visibility.

Negative

• Potential shareholder dilution from the additional share offering.

LAKE COMO, N.J.--(BUSINESS WIRE)-- Four Springs Capital Trust (“FSPR”) today announced that it has commenced an initial public offering of its common shares. FSPR has filed a registration statement on Form S-11 with the Securities and Exchange Commission (“SEC”) to offer 18,000,000 common shares. The initial public offering price is expected to be between $13.00 and $15.00 per share. FSPR expects to grant the underwriters a 30-day option to purchase up to an additional 2,700,000 common shares. FSPR’s common shares have been approved for listing on the New York Stock Exchange under the ticker symbol “FSPR,” subject to official notice of issuance.

FSPR intends to use the net proceeds from the offering to consummate pending acquisitions and repay amounts outstanding under its current credit facility and mezzanine loan and use any remaining net proceeds for general corporate purposes, including potential future acquisitions.

Morgan Stanley, Goldman Sachs & Co. LLC and Wells Fargo Securities are acting as joint book-running managers for the offering. Mizuho Securities, Scotiabank, Wolfe | Nomura Alliance and Berenberg are acting as book-runners for the offering. R. Seelaus & Co., LLC is acting as co-manager for the offering.

The offering of these securities may be made only by means of a prospectus. A copy of the preliminary prospectus may be obtained from any of the following sources:

• Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014;
• Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526 or by email to prospectus-ny@ny.email.gs.com; or
• Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33^rd Street, New York, New York 10001, by telephone at (800) 326-5897 or by email to cmclientsupport@wellsfargo.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Four Springs Capital Trust

FSPR is an internally managed REIT focused on acquiring, owning and actively managing a portfolio of single-tenant, income producing industrial, medical, service/necessity retail and office properties throughout the United States that are subject to long-term net leases. As of December 15, 2021, FSPR wholly owned, or had ownership interests in, 156 properties located in 32 states that were 99.8% leased (based on its leasable square footage) to 68 tenants operating in 37 different industries.

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to FSPR’s expectations regarding the completion, timing and size of its proposed public offering and listing, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, statements pertaining to FSPR’s business and growth strategies, investment and leasing activities and trends in its business, including trends in the market for long-term, net leases of freestanding, single-tenant properties contain forward-looking statements. FSPR intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by FSPR’s use of forward-looking terminology such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Discussions of strategy, plans or intentions of management can also be identified as forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of FSPR’s performance in future periods. Except as required by law, FSPR does not undertake any obligation to update or revise any forward-looking statements contained in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220110005578/en/

Eric Paul

(732) 749-7330

epaul@fscap.net

Source: Four Springs Capital Trust

FAQ

What is the initial public offering (IPO) price range for FSPR?

The IPO price range for Four Springs Capital Trust (FSPR) is between $13.00 and $15.00 per share.

How many shares is FSPR offering in its IPO?

FSPR is offering 18,000,000 common shares in its initial public offering.

What is the purpose of the proceeds from FSPR's IPO?

The proceeds will be used for pending acquisitions, repaying loans, and general corporate purposes.

Who are the underwriters for FSPR's IPO?

Morgan Stanley, Goldman Sachs & Co. LLC, and Wells Fargo Securities are acting as joint book-running managers.

When will FSPR's shares be listed on the NYSE?

FSPR's shares have been approved for listing on the New York Stock Exchange under the ticker symbol 'FSPR'.