Agree Realty Upsize And Prices Its 2.5 Million Shares Public Offering

Agree Realty Corporation

revealed that it upsized and priced an underwritten public offering of 2.5 million shares of its common stock. According to the company, the public issue would generate gross proceeds of approximately $99.4 million before deducting the underwriting discount and offering expenses payable by the Company. Agree Realty said that the company has granted the 30-day option to the underwriters to acquire an additional 375,000 shares of common stock. The company expects the issue to close on May 10 subject to customary conditions. The Company disclosed that it plans to use the net proceeds from the offering to cut down the outstanding under its revolving credit facility, to fund property acquisitions and development activity, for working capital and for general corporate purposes. The joint book-running managers to the issue were Raymond James, Jefferies and Wells Fargo Securities. Baird, Stifel and Janney Montgomery Scott were acting as senior co-managers for the offering. The co-managers to the issue were BTIG, Capital One Securities, Ladenburg Thalmann and Wunderlich. Following the news, the stock traded 3.38% lower in the pre-market trading on Thursday.