Agree Realty Announces Pricing Of Public Offering Of 1.65 Mln Shares

(RTTNews) - Agree Realty Corp. (ADC) announced Friday that it has priced a public offering of 1.65 million shares of its common stock for total estimated gross proceeds of about $49.2 million. The offering is expected to close on or about November 27, 2013.

The company granted the underwriter a 30-day option to purchase up to an additional 247,500 shares of common stock.

The company intends to use the net proceeds of the offering to reduce amounts outstanding under its existing $85 million unsecured revolving credit facility, to fund its development activity and property acquisitions, and for general corporate purposes.

Citigroup served as the sole underwriter for the offering. The underwriter may offer the shares in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.