Spirit Realty Capital Falls 2% On Share Upsize Offering

Shares of Spirit Realty Capital, Inc SRC were trading lower by around 2 percent at $11.26 early Tuesday morning after the company announced an upsize to a previously announced public offering. Spirit Realty announced the pricing of its underwritten public offering of 30 million shares of its common stock, up from a previously announced 27 million share offering at $11.15 per share. Spirit Realty Capital's stock closed for trading at $11.45 on Monday. The company intends to use the net proceeds to reduce amounts outstanding under its $370 million term loan facility. The company also noted it expects to redraw on its term loan facility and credit facility to repay approximately $200 million of outstanding commercial mortgage backed securities that mature within the next year, to fund potential future acquisitions and for general corporate purposes.