Silver Bay Realty Trust Announces Closing of Over-Allotment Option
Silver Bay Realty Trust (NYSE: SBY) announced today that the underwriters for its recently announced initial public offering of common stock exercised in full their over-allotment option and the company sold an additional 1,987,500 shares of common stock at the initial public offering price of $18.50 per share. Silver Bay received net proceeds from the sale of the additional shares of approximately $34.8 million after deducting underwriting discounts and commissions, bringing the total net proceeds from the offering to approximately $263.4 million. The closing of the sale of the additional shares took place on January 7, 2013. Silver Bay intends to use the net proceeds of the offering to purchase additional single-family properties, to renovate such properties for rental to tenants and for working capital.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, and J.P. Morgan acted as joint book-running managers for the offering. Keefe, Bruyette & Woods, RBC Capital Markets, JMP Securities and Zelman Partners LLC acted as co-managers for the offering.
A registration statement relating to these securities was filed with the Securities and Exchange Commission and was declared effective on December 13, 2012. The offering is being made only by means of a prospectus. A copy of the final prospectus for the offering can be obtained from:
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.