Mortons Restaurant Group (MRT) Pirces 19.93M Common IPO at $12/Share, the Low-End of Expected Range

September 29, 2016 6:01 AM EDT
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MedEquities Realty Trust, Inc. (the "Company") announced the pricing of its initial public offering of 19,925,333 shares of common stock at a public offering price of $12.00 per share. The Company is offering 19,000,000 shares and certain selling stockholders are offering 925,333 shares. In connection with the offering, the Company has granted the underwriters a 30-day over-allotment option to purchase up to an additional 2,988,800 shares of common stock at the initial public offering price, less the underwriting discount. The shares are expected to begin trading tomorrow, September 29, 2016, on the New York Stock Exchange under the symbol "MRT." The offering is expected to close on October 4, 2016, subject to the satisfaction of customary closing conditions.

NOTE: The company was recently looking for a pricing range of $12 to $14 per share.

The net proceeds to the Company from the offering are expected to be approximately $210.2 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, prior to any exercise of the underwriters' over-allotment option. The Company intends to use the net proceeds from the offering to redeem the Company's outstanding preferred stock, to repay amounts under its secured credit facility and for general corporate purposes.

FBR, J.P. Morgan, Citigroup, KeyBanc Capital Markets, Raymond James and RBC Capital Markets are serving as joint book-running managers and JMP Securities, Fifth Third Securities and Capital One Securities are serving as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 28, 2016. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: FBR Capital Markets & Co., Prospectus Department, 1300 North 17th Street, Suite 1400, Arlington, Virginia 22209, (703) 312-9726 or; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling toll-free at (866) 803-9204; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling (800) 831-9146; KeyBanc Capital Markets Inc., Attention: Equity Syndicate, 127 Public Square, 4th Floor, Cleveland, Ohio 44114, or by telephone at (800) 859-1783; Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, Telephone: (800) 248-8863 or by email at; and RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity Syndicate, by calling (877) 822-4089, or by e-mail at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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