Preferred Equity Offering
Baird served as a co-manager in this offering
AboutCampus Crest Communities, Inc. (NYSE: CCG) (“Campus Crest” or the “Company”) recently completed an offering of 2,300,000 shares of its 8.000% Series A Cumulative Redeemable Preferred Stock at a price of $25.00 per share, generating approximately $57.5 million in gross proceeds. The Company intends to use the net proceeds from this offering to repay indebtedness outstanding under two construction loans and, to the extent any proceeds remain, to reduce a portion of the borrowings outstanding under its senior unsecured revolving credit facility or for other general corporate and working capital 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.
For additional information about this transaction, please contact:
- February 2012
- Campus Crest Communities, Inc.
- Real Estate
- Target Location
- North America