Armada Hoffler Expands Stock Offering to Fuel Growth Potential
Armada Hoffler Announces Upsizing and Pricing of New Stock Offering
Armada Hoffler (NYSE: AHH) has recently declared a major step forward in its corporate journey by pricing an underwritten public offering of 9 million shares of its common stock. This offering is expected to generate total gross proceeds of approximately $94.5 million before accounting for any underwriting discounts, commissions, and offering expenses.
Use of Proceeds from the Offering
The funds raised from this offering are planned for several strategic purposes. The management aims to utilize the net proceeds primarily for debt repayment. Specifically, they will address loans secured by significant properties such as Chronicle Mill, Premier, and Market at Mill Creek. Additionally, the company intends to pay down amounts that remain outstanding under its revolving credit facility. Any surplus funds will be relegated to general corporate purposes and working capital to support ongoing operations.
Details of the Offering
The anticipated closing of the offering is scheduled shortly, pending the satisfaction of customary closing conditions. To enhance this opportunity, the Company has conferred a 30-day option to the underwriters to purchase up to an additional 1.35 million shares at the public offering price, after accounting for underwriting commissions. Jefferies, BofA Securities, and Barclays have been appointed as the joint book-running managers for this significant offering. Supporting this effort, Scotiabank and Stifel are acting as additional book-running managers, while Janney Montgomery Scott and Regions Securities LLC are co-managing the process.
Information for Investors
Prospective investors should note that copies of the final prospectus supplement and related documents will be accessible through Jefferies LLC, BofA Securities, and Barclays Capital. This prospectus will provide detailed information regarding the offering, and all interested parties are encouraged to review it closely. Notably, the offering is conducted under a shelf registration statement that became effective following its filing with the Securities and Exchange Commission.
About Armada Hoffler
With a legacy of more than four decades, Armada Hoffler operates as a vertically integrated self-managed real estate investment trust (REIT). The company focuses on the development, acquisition, and management of high-quality multifamily, office, and retail properties primarily located in the Mid-Atlantic and Southeastern regions of the United States. They also offer general construction services to third-party clients and have placed significant emphasis on developing properties for their portfolio.
Frequently Asked Questions
What is the purpose of Armada Hoffler's public offering?
The public offering aims to generate funds primarily for repaying secured loans and for general corporate purposes, including working capital.
How much is Armada Hoffler expecting to raise from the offering?
The company anticipates raising approximately $94.5 million from the public offering of 9 million shares.
Who are the underwriters for the stock offering?
The offering is being managed by Jefferies, BofA Securities, and Barclays, with additional support from Scotiabank and Stifel.
What types of properties does Armada Hoffler focus on?
Armada Hoffler concentrates on high-quality multifamily, office, and retail properties primarily in the Mid-Atlantic and Southeastern United States.
Is Armada Hoffler a publicly-traded company?
Yes, Armada Hoffler is listed on the New York Stock Exchange under the ticker symbol AHH.
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