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Trade Street Residential Inc Announces Closing Of Public Offering

Thursday, 16 May 2013 04:33pm EDT 

Trade Street Residential Inc announced that it has completed its previously announced public offering of 6,250,000 shares of its common stock, $0.01 par value per share, at a public offering price of $10.00 per share. The shares began trading on the NASDAQ Global Market under the symbol TSRE on May 14, 2013. The underwriters have a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price, less the underwriting discount, to cover over-allotments, if any. The Company received approximately $56.3 million in total net proceeds from the offering after deducting underwriting discounts and commissions and estimated offering expenses, prior to any exercise of the underwriters' over-allotment option. The Company intends to use the proceeds of the offering to repurchase equity interests in certain of its subsidiaries from its joint venture partners, to fund pending acquisitions and for general corporate and working capital purposes, including future acquisitions, the repayment of indebtedness and the funding of capital improvements at the Company's apartment communities. Sandler O'Neill + Partners, L.P. acted as the sole book-runner of the offering, and BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Oppenheimer & Co. and Wunderlich Securities acted as co-managers. 

Company Quote

-0.06 -0.89%
22 Oct 2014