Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, May 21, 8:15 AM
|This Slide: #203 of 581|
Slide #203. Global Medical REIT Inc. — Preferred Stock Offering
Global Medical REIT Inc. (NYSE:GMRE)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Global Medical REIT Inc. (NYSE:GMRE) (the "Company") today announced the commencement of an underwritten public offering of its Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series A Preferred Stock"), subject to market and other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional shares of Series A Preferred Stock to cover over-allotments, if any. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include funding new acquisitions, and repaying indebtedness. -updated 9/12- Global Medical REIT Inc. (NYSE:GMRE) (the "Company") today announced the pricing of its underwritten public offering of 2,700,000 shares of its 7.50% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series A Preferred Stock"), raising net proceeds of approximately $65.2 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Series A Preferred Stock has an initial liquidation preference of $25.00 per share. The offering is expected to close on September 15, 2017, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 405,000 shares of Series A Preferred Stock at the public offering price to cover over-allotments, if any. The Company intends to apply to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "GMRE PrA." If the application is approved, the Company expects trading to commence 30 days after initial delivery of the Series A Preferred Stock.
Global Medical REIT is engaged primarily in the acquisition of purpose-built healthcare facilities and leasing of those facilities to healthcare systems and physician groups with market share. Co. is externally managed and advised by Inter-American Management LLC. Co. hold its facilities and conduct its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. Co.'s portfolio consisted of facilities, which include medical office building, inpatient rehab facility, surgical hospital, and other. Co.'s other properties includes acute-care hospital, long-term acute care hospital, healthcare administrative office and free-standing emergency department.
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Strong Buy (3.50 out of 4)
(ranked higher than approx. 50% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com