Essential Properties Realty Trust, Inc. (NYSE: EPRT) announced today the pricing of an underwritten public offering of 6,900,000 shares of its common stock at a public offering price of $25.20 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,035,000 shares of common stock. The Company expects to use the net proceeds from the offering to voluntarily prepay, without prepayment penalty, approximately $62.0 million of its outstanding Class A Series 2017-1 ABS Notes, to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, including potential future investments. The offering was upsized from the previously announced offering size of 6,250,000 shares of common stock. All of the shares are being offered by the Company, and the offering is expected to close on January 14, 2020.
Barclays, BofA Securities, Citigroup, Goldman Sachs & Co. LLC and SunTrust Robinson Humphrey are acting as the joint book-running managers of the offering. Capital One Securities, Stifel, Mizuho Securities, Credit Suisse, RBC Capital Markets, Evercore ISI and Ladenburg Thalmann are acting as the co-managers of the offering.