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Trade Street Residential Inc Announces Proposed $150 Million Capital Raise Including $100 Million Transferable Rights Offering To Existing Stockholders

Tuesday, 12 Nov 2013 08:01am EST 

Trade Street Residential Inc announced a $100 million fully-backstopped common stock rights offering to stockholders. The rights will have a subscription price of $6.33 per share and will be transferable. Investment entities managed by Senator Investment Group LP have agreed to back stop the rights offering by purchasing on the same terms any and all shares not subscribed through the exercise of rights or the oversubscription option. In addition, Senator has agreed to purchase $50 million of common stock from the Company in a separate private placement transaction at the Subscription Price. The transactions are expected to raise net proceeds, after payment of offering and other expenses, of approximately $147.5 million. The Company intends to use the net proceeds to fund current committed and future acquisitions and to repay indebtedness. The Backstop and Direct Purchase are subject to approval by the Company's stockholders and satisfaction of certain customary closing conditions. The rights offering and Direct Purchase are expected to close late in the fourth quarter of 2013 or early in the first quarter of 2014. Under the terms of the rights offering, the Company will distribute at no charge to the holders of its common stock transferable rights to purchase up to an aggregate of approximately 15,797,788 new shares of common stock. 

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