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  • Campus Crest Communities Recent Public Offering 0 comments
    Mar 13, 2013 10:37 AM | about stocks: CCG, C, BCS, RJF, BAC

    Campus Crest Communities Inc. (NYSE: CCG) announced on February 28th that the public issue of 22.2 million of new shares in its common stock will be made at an offer price of $12.25 a share. The public issue will bring as much as $260.8 million in proceeds net of underwriting charges and other costs related to the issue. Underwriters were granted a 30 day option to purchase another 3,330,000 of common shares. CCG will use the proceeds to invest in Copper Beech Townhome Communities portfolio and related transaction costs. Any remaining net proceeds will be used for miscellaneous corporate uses like repayment of loans.

    The book running on the issue was be jointly run by Citigroup Inc (NYSE: C), Barclays PLC (NYSE: BCS), Raymond James Financial, Inc. (NYSE: RJF), RBC Capital Markets and BofA Merrill Lynch (NYSE: BAC). Baird and MLV & Co. co-managed the offering.

    Campus Crest Communities, Inc is a self managed and administered, vertically integrated REIT (real estate investment trust). It focuses on residential housing facilities for students in areas near universities and other educational institutions. The company develops, builds, owns and manages high quality students housing facilities under its proprietary brand; the Grove. It currently holds interests in 39 student housing facilities that have a combined capacity of over 20,884 beds. By the end of the coming year the company will inaugurate another six projects thereby expanding its bedding capacity to as many as 3,564 beds. A 33 storied housing tower is also under construction in Philadelphia, PA. With about 850 beds; it is due to be completed by the end of 2014. Since its incorporation, the REIT has been keen to deliver best in class service in terms of onsite amenities on its proprietary residence-life schemes with an aim to provide quality living for students in the United States.

    The security issue was subject to registration with the SEC, the terms and conditions of the prospectus and regulatory approvals from the state or other jurisdiction in which the offer to sell was distributed. The company launched its preliminary prospectus (supplement) on its website and prospective investors could also get it by calling at the company's toll free number or the official website of the regulator. A copy of any finalized supplemental prospectus or of any relevant bas prospectus was also made available at the same source, once it is finalized.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: CCG, C, BCS, RJF, BAC
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