NETSTREIT Corp. Announces Closing of Forward Common Stock Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
Txylo.com/10168088
Trending...
- Light the Way Summit Welcomes Virtual Reality Human Trafficking Education Company
- STAY BUNGALOW ANNOUNCES OFFICIAL DEBUT
- Texas: Governor Abbott Ensures State Agencies Continue Providing Resources, Long-Term Support To Uvalde Community
DALLAS--(BUSINESS WIRE)--NETSTREIT Corp. (the "Company") announced today that it has closed its previously announced public offering of 10,350,000 shares of its common stock, which includes the full exercise of the underwriters' option to purchase additional shares, at a price to the public of $22.25 per share in connection with the forward sale agreements described below.
BofA Securities, Citigroup, Stifel and Wells Fargo Securities acted as the book-running managers and representatives of the underwriters for the offering. Jefferies, KeyBanc Capital Markets, Truist Securities and Berenberg acted as joint book-running managers for the offering. BTIG, Capital One Securities, Regions Securities LLC, Scotiabank, Wolfe Capital Markets and Advisory and Roberts & Ryan acted as co-managers for the offering.
The Company has entered into forward sale agreements with affiliates of BofA Securities and Wells Fargo Securities (the "forward purchasers") with respect to 10,350,000 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates borrowed from third parties and sold to the underwriters an aggregate of 10,350,000 shares of the Company's common stock. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than January 10, 2023, an aggregate of 10,350,000 shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price, less underwriting discounts and commissions, and will be subject to certain adjustments as provided in the forward sale agreements.
The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers. The Company expects to contribute the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to its operating partnership in exchange for Class A limited partnership units in the operating partnership and the operating partnership intends to use the net proceeds for general corporate purposes, which may include acquisitions of properties in the Company's pipeline. Selling common stock through the forward sale agreements enabled the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company until the expected funding requirements described above have occurred.
More on Txylo.com
The offering was made pursuant to the Company's shelf registration statement, which was automatically effective upon filing with the U.S. Securities and Exchange Commission on September 1, 2021. Copies of the final prospectus may be obtained from the SEC's website at www.sec.gov or by contacting: BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001 or by email at dg.prospectus_requests@bofa.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); Stifel, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 300-7136, email: SyndProspectus@stifel.com; Fax: 443.224.1273; and Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
About NETSTREIT Corp.
NETSTREIT is a Real Estate Investment Trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT aims to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.
More on Txylo.com
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements." Forward-looking statements include statements regarding the public offering and other statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including statements regarding the expected use of proceeds of the offering, are based on the Company's current expectations and assumptions regarding the Company's business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company's actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the impact of COVID-19 on the Company's business and the global economy, financial market and regulatory conditions, general real estate market conditions, the Company's competitive environment and other factors set forth under "Risk Factors" in the Company's prospectus supplement and accompanying prospectus and in the Company's annual and quarterly reports and other documents filed with the Securities and Exchange Commission from time to time. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contacts
Investor Relations
ir@netstreit.com
972-597-4825
BofA Securities, Citigroup, Stifel and Wells Fargo Securities acted as the book-running managers and representatives of the underwriters for the offering. Jefferies, KeyBanc Capital Markets, Truist Securities and Berenberg acted as joint book-running managers for the offering. BTIG, Capital One Securities, Regions Securities LLC, Scotiabank, Wolfe Capital Markets and Advisory and Roberts & Ryan acted as co-managers for the offering.
The Company has entered into forward sale agreements with affiliates of BofA Securities and Wells Fargo Securities (the "forward purchasers") with respect to 10,350,000 shares of its common stock. In connection with the forward sale agreements, the forward purchasers or their affiliates borrowed from third parties and sold to the underwriters an aggregate of 10,350,000 shares of the Company's common stock. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than January 10, 2023, an aggregate of 10,350,000 shares of its common stock to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price, less underwriting discounts and commissions, and will be subject to certain adjustments as provided in the forward sale agreements.
The Company did not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers. The Company expects to contribute the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to its operating partnership in exchange for Class A limited partnership units in the operating partnership and the operating partnership intends to use the net proceeds for general corporate purposes, which may include acquisitions of properties in the Company's pipeline. Selling common stock through the forward sale agreements enabled the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company until the expected funding requirements described above have occurred.
More on Txylo.com
- In2Scuba Diving Co. of Maui introduces its exclusive beginner scuba diving lessons
- Texas: Governor Abbott Reappoints Bickerstaff And Lunceford To Boards For Lease
- Daikin Comfort Technologies to Build $230 Million Manufacturing Facility in Mexico
- Always Ontime: Chaos City - Super Hero Graphic Novel with Neal Adams Cover Launches from Panopolis Metaverse
- Pro-Life And Pro-Love: Daystar Teams Up To Make Abortion Alternatives Accessible
The offering was made pursuant to the Company's shelf registration statement, which was automatically effective upon filing with the U.S. Securities and Exchange Commission on September 1, 2021. Copies of the final prospectus may be obtained from the SEC's website at www.sec.gov or by contacting: BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001 or by email at dg.prospectus_requests@bofa.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); Stifel, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 300-7136, email: SyndProspectus@stifel.com; Fax: 443.224.1273; and Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
About NETSTREIT Corp.
NETSTREIT is a Real Estate Investment Trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT aims to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors.
More on Txylo.com
- The Happy Pet Supply: Get All Your Pet Product Needs In One Convenient Place
- San Antonio: Fireworks, the Fourth and Fido…
- Texas: Governor Abbott, Lt. Governor Patrick, Speaker Phelan, Senate Finance, House Appropriations Committee Chairs Announce Additional $105.5 Million For School Safety, Mental Health Initiatives
- New Hampshire Becomes the 15th State to Require Personal Finance as a Core Academic Subject
- Virtual Workplace Platform Developer REACH Expands Executive Team, Positioning the Company to Drive International Growth
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements." Forward-looking statements include statements regarding the public offering and other statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including statements regarding the expected use of proceeds of the offering, are based on the Company's current expectations and assumptions regarding the Company's business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company's actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the impact of COVID-19 on the Company's business and the global economy, financial market and regulatory conditions, general real estate market conditions, the Company's competitive environment and other factors set forth under "Risk Factors" in the Company's prospectus supplement and accompanying prospectus and in the Company's annual and quarterly reports and other documents filed with the Securities and Exchange Commission from time to time. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contacts
Investor Relations
ir@netstreit.com
972-597-4825
Filed Under: Business
0 Comments
Latest on Txylo.com
- Texas: Governor Abbott Issues Letter To President Biden On EPA Plan That Threatens Oil And Gas Production In Permian Basin
- Kano Laboratories, Makers of Kroil, Announces Refreshed Branding for Extended Line of Industrial Product Solutions
- Michael Baker International Announces New Leadership Roles in Southern Region
- Reliant and the Astros Foundation Launch "Slide Into Summer Reading"
- Governor Abbott Appoints Four To Finance Commission Of Texas
- City of Houston, Greater Houston Partnership Lead Mission to France to Grow Business and Cultural Ties
- Fathym announces the addition of Sergio Sotolongo to its board of directors
- Texas: Governor Abbott Announces GlobiTech Semiconductor Facility Expansion In Sherman
- Texas: Governor Abbott Renews Uvalde Disaster Declaration In June 2022
- Elevating the Voices of San Antonio Youth to Assist in City of San Antonio's COVID-19 Recovery
- InventHelp Inventor Develops New Baseball/Softball Training Aid (HOF-104)
- Core Scientific Set to Join Russell 3000® Index
- Prolific Author Tam R. Luc Celebrates Positive Title IX Achievements and Pushes Businesswomen to the Next Level with Boss Up Summit
- Six Flags Offers One Of A Kind Experience at July 4th Fest presented by Coca-Cola
- Avion Medical Skin Centres to offer innovative treatment for non-melanoma skin cancer patients
- From Coronavirus to Roe vs. Wade, who did it?
- From Coronavirus to Roe vs. Wade, who did it?
- Launch of Def Leppard beauty collection creating Hysteria in the makeup industry
- GRC Expands Executive Team with VP of North American Business Development – Hyperscale Market and Global Director of Telecom Business Development
- NexPoint Capital, Inc. Announces Tender Offer for Common Stock