Phillips Edison prices IPO
July 15, 2021 | Karl Angelo Vidal | S&P Global Market Intelligence
Neighborhood shopping centers operator Phillips Edison & Co. Inc. priced its IPO of 17.0 million common shares at $28.00 apiece, the lower end of its expected price range, before adjusting for its recent reverse stock split.
The company has granted the underwriters a 30-day overallotment option to buy up to an additional 2,550,000 common shares at the IPO price, less underwriting discounts and commissions.
Proceeds from the IPO will be used to pay off its $375.0 million unsecured term loan maturing in 2022, to fund property acquisitions and for other general corporate uses.
Shares of Phillip Edison will trade on the Nasdaq Global Select Market under the ticker PECO beginning July 15, and the offering is expected to close on July 19, subject to customary closing conditions.
Morgan Stanley, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co. LLC, KeyBanc Capital Markets, Mizuho Securities and Wells Fargo Securities are joint bookrunning managers for the IPO. BTIG, Capital One Securities, Fifth Third Securities, PNC Capital Markets LLC and Regions Securities LLC are co-managers.
