NETSTREIT Corp. (NTST) Prices ~9.5M Shares at $18.65

NETSTREIT Corp. (NASDAQ: NTST) announced today that it has priced a public offering of 9,491,903 shares of its common stock at a price to the public of $18.65 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,423,785 shares of common stock. The offering was upsized from the previously announced public offering of 8,000,000 shares of common stock. The offering is expected to close on April 12, 2021, subject to customary closing conditions.

The Company intends to contribute the net proceeds of this offering to its operating partnership in exchange for Class A limited partnership units in the operating partnership, and the operating partnership intends to use approximately $13.0 million of the net proceeds to repay borrowings under the Company’s revolving credit facility that were drawn after December 31, 2020 to fund acquisitions of properties and the remainder for general corporate purposes, which may include acquisition of properties in the Company’s pipeline.

Wells Fargo Securities, BofA Securities, Jefferies and Stifel are acting as the joint book-running managers and representatives of the underwriters for the offering. KeyBanc Capital Markets, BTIG and Truist Securities are acting as joint book-running managers for the offering. Berenberg, Citigroup, Scotiabank, Capital One Securities, Regions Securities LLC and Roberts & Ryan are acting as co-managers for the offering. Stifel is serving as capital markets advisor in connection with the offering.

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