Global law firm Proskauer advised American Realty Capital Properties, Inc. (NASDAQ: ARCP) in its follow-on offering of 120 million shares of its common stock at $12 per share, with the underwriters exercising their option for another 18 million shares at the same price. The net proceeds totaled approximately $1.59 billion. ARCP intends to use the net proceeds of the offering to repay outstanding indebtedness under its existing credit facility and for other general corporate purposes. Upon information, this was the third largest equity offering ever completed by a REIT.
Bank of America Merrill Lynch, Citigroup, Barclays, J.P. Morgan, Capital One Securities, Credit Suisse, Deutsche Bank Securities and Wells Fargo Securities acted as joint bookrunners for the offering.
The Proskauer team was led by Real Estate Capital Markets co-chair Steven Lichtenfeld and included capital markets partner Stuart Bressman, associates Robert Hudson and Stephanie Wang, and law clerk Jamaal Myers.
