Campus Crest Communities, Inc. (CCG) said Wednesday that it has commenced an underwritten public offering of 22.2 million shares of its common stock.
The company plans to grant the underwriters of the offering a 30-day option to purchase up to an additional 3.33 million shares of common stock.
Campus Crest Communities said it plans to use the net proceeds from the offering to fund the investment in the Copper Beech Townhome Communities' portfolio and related transactional costs. Any remaining net proceeds will be used for general corporate purposes, including the repayment of debt.
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