Independence Realty Trust (IRT) Announces 25M Share Common Stock Offering
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Independence Realty Trust, Inc. (NYSE: IRT) announced that it has commenced an underwritten public offering of 25,000,000 shares of common stock. The Company expects to grant the underwriters a 30-day option to purchase up to 3,750,000 additional shares of common stock.
Citigroup is acting as the sole book-running manager of the offering.
The Company intends to use the net proceeds from the offering to (i) repay in full the Company’s $40.0 million senior secured term loan facility, (ii) pay $43.0 million for the previously-announced internalization of the Company’s management, as described in the prospectus supplement referenced below, and (iii) repurchase up to 7,269,719 shares of the Company’s common stock held by subsidiaries of RAIT Financial Trust. Any remaining proceeds will be used to repay outstanding borrowings under the Company’s $325.0 million senior secured credit facility.
A registration statement relating to the offered securities has been declared effective by the Securities and Exchange Commission. The offering will be made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus and the prospectus supplement relating to the offering, when available, may be obtained by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
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