The anticipated offering price is between $11 per share and $13 per share.The company will offer 50 million common shares, and selling shareholdersare offering 681,500 common shares. AFRT will receive no proceeds from thelatter offering.
AFRT also grants the underwriters the option of purchasing up to a littlemore than 7.6 million additional common shares to cover over-allotments.Based on a price of $12 per share, net proceeds of $552 million are anticipated. Ifthe over allotment is exercised, the net proceeds would increase to about$635.7 million.
AFRT will use approximately $510.6 million of the proceeds to fund theequity portion of its existing properties and acquisitions under contract. Anotherapproximately $30 million will be used to fund the purchase of additionalsurplus bank branches this year. They include properties from AmSouth Bank,Bank of America, KeyBank and Wachovia.
Banc of America Securities LLC and Alexandria, VA-based Friedman, Billings,Ramsey & Co., Inc. are the joint book-running managers. Co-managers areDeutsche Bank Securities, UBS Securities, Wachovia Securities, Legg MasonWood Walker, and Raymond James & Associates, Inc.
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