Agree Realty (ADC) said Wednesday it priced a public offering of 4.5 million common shares at $75.70 per share in connection with its forward sale agreement with Bank of America as the forward purchaser.
Under the forward sale agreement, the forward purchaser or its affiliates are expected to borrow and sell to the underwriter the 4.5 million shares that will be issued through the public offering.
The company said it also granted the underwriter a 30-day option to purchase up to 675,000 additional common shares.
Agree Realty expects to close the offering around Friday and said it will not initially receive any proceeds from the sale by the forward purchaser.
Proceeds from the future settlement of the forward sale deal will be used for general corporate purposes, the company added.
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