Phillips Edison & Company Announces Closing of Underwritten Initial Public Offering
Phillips Edison & Company (PECO) completed its initial public offering (IPO) of 17,000,000 shares at $28.00 each, with the potential for a 30-day option of 2,550,000 additional shares. The offering commenced trading on Nasdaq on July 15, 2021. The net proceeds are designated for paying off a $375 million unsecured term loan, funding property acquisitions, and other corporate uses. Major financial institutions, including Morgan Stanley and BofA Securities, managed the offering.
- Successfully completed an IPO raising $476 million (17M shares at $28 each).
- Proceeds aimed to pay down a $375 million term loan, stabilizing financial obligations.
- Funds allocated for acquisition of properties, enhancing growth potential.
- Dilution risk for existing shareholders due to additional shares.
- Dependence on market conditions for successful property acquisitions.
Phillips Edison & Company, Inc. (“PECO”), one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers, announced today that it has completed its underwritten initial public offering of 17,000,000 shares of common stock at a price to the public of
PECO has granted the underwriters a 30-day option to purchase up to an additional 2,550,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
Shares of PECO’s common stock began trading on the Nasdaq Global Select Market on July 15, 2021, under the ticker symbol “PECO”.
PECO intends to use the net proceeds to pay off its
Morgan Stanley, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co. LLC, KeyBanc Capital Markets, Mizuho Securities and Wells Fargo Securities acted as joint book-running managers for the offering. BTIG, Capital One Securities, Fifth Third Securities, PNC Capital Markets LLC and Regions Securities LLC acted as co-managers for the offering.
The offering was made only by means of a prospectus, and copies of the final prospectus may be obtained from: Morgan Stanley & Co. LLC, Attn.: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn.: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; or J.P. Morgan Securities LLC, Attn.: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has been declared effective under the Securities Act of 1933, as amended. 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 Phillips Edison & Company
Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of omni-channel grocery-anchored neighborhood shopping centers. As of March 31, 2021, PECO owned equity interests in 300 real estate properties, including 278 wholly-owned real estate properties and 22 shopping center properties owned through two unconsolidated joint ventures with institutional partners.
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