Spirit Realty to raise up to $487 million in IPO
(Reuters) - Real estate investment trust Spirit Realty Capital Inc plans to raise up to $487 million in an initial public offering of common stock.
The company, which is backed by Macquarie Group (US) Holdings and hedge fund TPG-Axon among others, said it plans to sell 27.06 million shares at between $16 and $18 each.
Spirit Realty had filed with the Securities and Exchange Commission last November for an IPO under the name Spirit Finance Corp, but changed the company name to Spirit Realty in May.
The company said in an amended filing on Monday that it plans to list its shares on the New York Stock Exchange under the symbol "SRC," and use $399 million of the net proceeds to repay term loans.
Spirit Realty invests in single-tenant properties that are leased to companies engaged in retail, service and distribution industries on a long-term basis.
The Scottsdale, Arizona-based company's undepreciated gross investment in real estate and loans totaled about $3.6 billion as of June 30, 2012, and its portfolio of 1,096 properties was leased to about 165 tenants.
General merchandise retail chain Shopko Stores and its latest acquisition Pamida are the company's biggest tenants, accounting for a third of its annual rent.
Morgan Stanley is the lead underwriter of the offering.
(Reporting by Avik Das in Bangalore; Editing by Roshni Menon)
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