Raises $296.2 Million in Net Proceeds
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
STORE
Capital Corporation (NYSE: STOR), an internally managed net-lease
real estate investment trust (REIT) that invests in Single Tenant
Operational Real Estate, today announced that it
has completed its follow-on public offering of 16,100,000 shares of
common stock sold, including 2,100,000 shares of common stock sold by
the selling stockholder, STORE Holding Company, LLC, in connection with
the full exercise of the underwriters’ option to purchase additional
shares, at a public offering price of $22.00 per share.
“This equity raise is an important milestone for STORE,” said
Christopher Volk, Chief Executive Officer. “It represents our second
equity follow-on issuance since our IPO a little over a year ago and is
also our first overnight equity issuance. The proceeds will be
immediately used to repay short-term revolving debt and put us in good
shape to execute our planned growth in 2016.”
“The equity issuance, together with a small sale of shares by our
founding institutional shareholders, led by Oaktree Capital, will also
importantly serve to alter the composition of our Board of Directors,
placing a plurality of board seats in the hands of independent directors
and management,” continued Volk. “We appreciate the confidence our
stockholders have shown in us to help us fulfill our plan for continued
growth as we address our customers’ needs in our very large marketplace.”
Total net proceeds, after the underwriting discount and offering
expenses, are expected to be approximately $296.2 million.
Goldman, Sachs & Co., Credit Suisse and Morgan Stanley acted as joint
book-running managers for the offering. BMO Capital Markets, Citigroup,
KeyBanc Capital Markets and Wells Fargo Securities acted as joint lead
managers for the offering; and Baird, Cowen and Company, Ladenburg
Thalmann, Raymond James, Stifel and SunTrust Robinson Humphrey acted as
co-managers for the offering.
A registration statement relating to these securities has been filed
with the U.S. Securities and Exchange Commission and has become
effective under the Securities Act of 1933, as amended. The offering of
these securities was made only by means of a prospectus supplement and
accompanying prospectus, which are on file with the Securities and
Exchange Commission. This press release does not constitute an offer to
sell or the solicitation of an offer to buy any securities.
About STORE Capital
STORE Capital Corporation is an internally managed net-lease real estate
investment trust, or REIT, that is the leader in the acquisition,
investment and management of Single Tenant Operational Real Estate,
which is its target market and the inspiration for its name. STORE
Capital is one of the largest and fastest growing net-lease REITs and
owns a large, well-diversified portfolio that consists of investments in
over 1,250 property locations, substantially all of which are profit
centers, in 46 states.
Forward-Looking Statements
Certain statements contained in this press release that are not
historical facts may contain forward-looking statements. Forward-looking
statements can be identified by the use of words such as "estimate,"
"anticipate," "expect," "believe," "intend," "may," "will," "should,"
"seek," "approximate" or "plan," or the negative of these words and
phrases or similar words or phrases. Forward-looking statements include
those relating to the intended use of the proceeds from the offering and
planned growth in 2016. Forward-looking statements, by their nature,
involve estimates, projections, goals, forecasts and assumptions and are
subject to risks and uncertainties that could cause actual results or
outcomes to differ materially from those expressed in the
forward-looking statements. For more information on risk factors for
STORE Capital’s business, please refer to the periodic reports and
prospectuses and prospectus supplements it files with the SEC from time
to time. These forward-looking statements speak only as of the date of
this press release and should not be relied upon as predictions of
future events. STORE Capital expressly disclaims any obligation or
undertaking to update or revise any forward-looking statements contained
herein, to reflect any change in STORE Capital’s expectations with
regard thereto, or any other change in events, conditions or
circumstances on which any such statement is based, except as required
by law.
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Financial Profiles
Moira Conlon, 310-622-8220
STORECapital@finprofiles.com
Source: STORE Capital Corporation