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Gramercy Property Trust Inc Raises $47.4 Million Via Private Placement Of Common Equity


Friday, 4 Oct 2013 05:00pm EDT 

Gramercy Property Trust Inc announced that it has executed definitive agreements for a private placement of 11,535,200 shares of common equity at a price of $4.11 per share. The Private Placement raised gross proceeds of $47.4 million. Investors in the Private Placement received one Contingent Value Right (CVR) per common share, which entitles the CVR holder to limited downside protection in the form of a one-time cash payment (not to exceed $0.46 per share) in the event the Company‚Äôs volume weighted average share price for the ten trading day period ending March 25, 2014 is less than $4.11 per share. The Private Placement investors have agreed not to sell the common shares that they receive in the Private Placement or the related CVRs prior to the Lock-Up End Date. The Company anticipates closing the Private Placement on or about October 7, 2013. 

Company Quote

5.93
-0.06 -1.00%
22 Oct 2014