Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Campus Crest Communities, Inc.
Baird served as a co-manager in this offering.
Campus Crest Communities, Inc. (NYSE: CCG) (“Campus Crest” or the “Company”) recently completed a follow-on offering of 7,475,000 shares of its common stock at a price of $10.10 per share, generating gross proceeds of approximately $75.5 million. The Company intends to use the net proceeds from this offering to acquire the remaining ownership interest not already owned by Campus Crest in two student housing properties for $16.2 million and to repay approximately $27.3 million of mortgage debt secured by these properties. Any remaining net proceeds will be used to reduce borrowings outstanding under the Company’s revolving credit facility and for general corporate purposes.
Campus Crest is a leading developer, builder, owner and manager of high-quality, purpose-built student housing properties located close to college campuses in targeted U.S. markets. The Company is a self-managed, self-administered and vertically-integrated real estate investment trust which operates all of its properties under The Grove® brand. The Company owns interests in 33 operating student housing properties containing approximately 6,324 apartment units and 17,064 beds. Since its inception, the Company has focused on customer service, privacy, on-site amenities and its proprietary residence life programs to provide college students across the United States with a higher quality of living.