The company expects to grant the underwriters a 30-day option to purchase up to an additional 450,000 shares of its common stock to cover overallotments, if any. The shares will be issued pursuant to a prospectus supplement filed as part of an effective shelf [image-nocss] registration statement previously filed with the U.S. Securities & Exchange Commission (SEC).
The Jericho, N.Y.-based real-estate investment trust (REIT) currently expects to use the net proceeds of this offering for the repayment of outstanding indebtedness under its credit agreement and general corporate purposes, it said.
BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers, and KeyBanc Capital Markets, RBC Capital Markets, Capital One Southcoast, Santander and TD Securities are acting as co-managers for the offering.
Getty Realty is the largest publicly traded REIT in the United States specializing in ownership and leasing of retail motor fuel and convenience store properties and petroleum distribution terminals. It owns and leases approximately 1,110 properties nationwide.
(Click here for previous CSP Daily News coverage of the acquisition and sale/leaseback deal.)
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