CHARLOTTE, NC—Campus Crest Communities recently priced an underwritten public offering of 6.5 million shares of common stock at an offering price of $10.10 per share. According to an announcement made by the student housing REIT, the public offering's net proceeds will be approximately $62.7 million after deducting underwriting discounts and additional net estimated offering costs.

The company plans to use net proceeds, scheduled for an early July closing, for the following:

 

  • Acquisition of the remaining 50.1% ownership interest in Grove at Moscow in Idaho.

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  • Acquisition of the remaining 80% ownership interest in Grove at Valdosta in Georgia.

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  • To repay approximately $27.3 million of mortgage debt secured by both properties.

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  • To reduce outanding borrowings under the company's revolving credit facility.

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  • For general corporate purposes.

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    Raymond James, Citigroup and Barclays are serving as joint book-running managers for the offering. RBC Capital Markets is serving as lead manager. Baird and Janney Montgomery Scott are serving as co-managers.

     

     

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