American Realty Capital Properties (ARCP) Announces Full Exercise of Underwriters' Option to Buy Additional Shares
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American Realty Capital Properties, Inc. (NASDAQ: ARCP) announced today the full exercise of the underwriters' option to purchase an additional 487,500 newly issued shares of the Company's common stock, par value $0.01 per share, at a price of $10.00 per share (before underwriting discounts and commissions). The Company had previously granted such option to the underwriters in connection with the underwritten public offering of 3,250,000 shares, completed on June 18, 2012.
The net proceeds to the Company from the exercise of such over-allotment option were approximately $4.6 million, after deducting underwriting discounts and commissions, thereby bringing the total net proceeds from the offering to approximately $35.3 million, after deducting underwriting discounts and commissions. The Company intends to use the net proceeds from the offering to make additional property acquisitions, including the acquisitions announced on June 20, 2012, and repay certain indebtedness.
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The net proceeds to the Company from the exercise of such over-allotment option were approximately $4.6 million, after deducting underwriting discounts and commissions, thereby bringing the total net proceeds from the offering to approximately $35.3 million, after deducting underwriting discounts and commissions. The Company intends to use the net proceeds from the offering to make additional property acquisitions, including the acquisitions announced on June 20, 2012, and repay certain indebtedness.
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