CHARLOTTE, NC—Campus Crest Communities recently priced an underwritten public offering of 6.5 million shares of common stock at an offering price of $10.10 per share. According to an announcement made by the student housing REIT, the public offering's net proceeds will be approximately $62.7 million after deducting underwriting discounts and additional net estimated offering costs.
The company plans to use net proceeds, scheduled for an early July closing, for the following:
- Acquisition of the remaining 50.1% ownership interest in Grove at Moscow in Idaho.
- Acquisition of the remaining 80% ownership interest in Grove at Valdosta in Georgia.
- To repay approximately $27.3 million of mortgage debt secured by both properties.
- To reduce outanding borrowings under the company's revolving credit facility.
- For general corporate purposes.
Raymond James, Citigroup and Barclays are serving as joint book-running managers for the offering. RBC Capital Markets is serving as lead manager. Baird and Janney Montgomery Scott are serving as co-managers.
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