American Finance Trust Announces Successful Completion Of Series C Cumulative Redeemable Perpetual Preferred Stock Offering
December 21, 2020 at 06:15 AM EST
NEW YORK, Dec. 21, 2020 /PRNewswire/ -- American Finance Trust, Inc. (Nasdaq: AFIN) ("AFIN" or the "Company") announced today the successful closing of its previously announced public offering of 7.375% Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Stock"). 3,535,700 shares were issued at the closing (including 335,700 shares from the underwriters' exercise of their overallotment option to purchase additional shares). The Series C Preferred Stock will trade on the Nasdaq under the ticker symbol AFINO and has a $25.00 liquidation preference per share. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include purchases of additional properties.
"We are pleased with the initial trading and investor demand for the new issue, both exceeding our expectations. The book was oversubscribed, allowing us to raise over $88 million, including the proceeds from the overallotment option, and price the shares at a lower effective dividend rate than the rate on our prior offering of Series A preferred stock," said Michael Weil, CEO of AFIN. "The net proceeds of the offering will help us capitalize on high quality, necessity-based acquisition opportunities we see in the marketplace. As we conclude this historic year, we are focused on closing acquisitions and building a robust forward acquisition pipeline. Our portfolio of investment grade or implied investment grade tenants, leases with long durations, and emphasis on diligent underwriting have allowed AFIN to perform well throughout the COVID-19 pandemic and generate substantial momentum that we hope to carry into 2021."
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SOURCE American Finance Trust, Inc.