PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thu, April 25, 5:26 AM
| This Slide: #35 of 620 |
Slide #35. Green Brick Partners, Inc. — Preferred Stock Offering
Company:
Green Brick Partners, Inc. (NYSE:GRBK)
Date announced:
12/15/2021
Shares Offered:
2,000,000
Date of Pricing:
12/16/2021
Price Per Share:
$25.00
Preferred Stock Offering Details:
Green Brick Partners, Inc., (the "Company"), today announced it has commenced an underwritten registered public offering of 2,000,000 depositary shares, each representing a 1/1000th fractional interest in a share of the Company's Series A Cumulative Perpetual Preferred Stock, with a liquidation preference of $25.00 per depositary share, to raise anticipated gross proceeds of $50.0 million before deducting transaction expenses, subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional depositary shares in connection with the offering. -updated 12/16- Green Brick Partners, Inc., (the "Company"), today announced the pricing of its underwritten registered public offering of 2,000,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $50.0 million before deducting underwriting discounts and other estimated offering expenses. The offering is expected to close on or about December 23, 2021, subject to customary closing conditions. Each depositary share represents a 1/1000th fractional interest in a share of the Company's 5.75% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"). The Company's depositary shares are expected to begin trading on the NYSE under the symbol "GRBK PRA" within 30 business days of the closing date of this offering, if approved. Dividends on the Series A Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 5.75% with liquidation preference equivalent to $25.00 per depositary share. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 300,000 depositary shares. The Company expects to use the net proceeds of this offering for general corporate and working capital purposes, which may include expansion of the business, repayment of debt, and repurchases of its common stock under the Company's authorized plan.
Green Brick Partners is a homebuilding and land development company. Co. acquires and develops land and builds homes through its builders. Co. also owns a noncontrolling interest in a builder in Colorado Springs, CO. Co. is engaged in various aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, title and mortgage services, marketing and sales and the creation of brand images at its residential neighborhoods and communities. Co. sells finished lots to its subsidiary builders or option lots from third-party developers for its builders' homebuilding operations and provides them with construction funding and strategic planning.
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Avg. Broker Rec.
 
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Hold (2.00 out of 4) 0th percentile
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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