Agree Realty Corp (ADC) Prices 1.3 Million Share Offering at $24.75/Share
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Agree Realty Corporation (NYSE: ADC) (the "Company") today announced the pricing of its public offering of 1,300,000 shares of its common stock at a public offering price of $24.75 per share, for a total of $32,175,000 million of gross proceeds. The offering is expected to close on or about January 27, 2012. The Company has also granted the underwriters a 30-day option to purchase up to an additional 195,000 shares of common stock to cover over-allotments, if any. Raymond James & Associates, Inc. and Janney Montgomery Scott LLC served as underwriters for the offering.
The Company intends to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its $85 million credit facility, to fund development activity and property acquisitions, and for other general corporate purposes.
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The Company intends to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its $85 million credit facility, to fund development activity and property acquisitions, and for other general corporate purposes.
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