IPOs
2/9/2010 8:00 PM ET
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(RTTNews) -
Real estate investment trust Terreno Realty Corp. (TRNO: News ) announced Tuesday the pricing for its initial public offering or IPO of 8.75 million shares of common stock of $0.01 par value per share at $20 per share. The offering is expected to close on February 16, 2010. The Company will also complete a private placement of an aggregate of 350 thousand shares of common stock at the same offer price on closing of the IPO.
The San Francisco, California-based company, which intends to acquire, own and operate industrial real estate located in six major coastal U.S. markets, said that the shares of common stock of the company are scheduled to begin trading on February 10, 2010 on the NYSE under the symbol "TRNO."
Upon completion of the IPO as well as the private placement to Terreno's Chairman and Chief Executive Officer Blake Baird, and President and Chief Financial Officer Michael Coke, the company expects gross proceeds from the two offerings to be about $182 million. The company intends to use the net proceeds to invest in industrial properties and for general business purposes.
For the IPO, Goldman, Sachs & Co. is acting as the sole book-running manager, and KeyBanc Capital Markets, Inc. is acting as a lead manager. Robert W. Baird & Co. Inc. and Stifel, Nicolaus & Co., Inc. are acting as co-managers.
The company noted that the underwriter Goldman, Sachs & Co. (GS) have a 30-day option to purchase up to an additional 1.3125 million shares at the offering price less the underwriting discount, to the extent the underwriters sell more than 8.75 million shares.
The company filed its form S-11 with the regulatory in November 2009 with an intention to go public, and had initially expected to offer 15 million shares. In an amended filing made with the regulatory in January, the company reduced the number of shares to be offered to 10 million. No specific date was set for this offering, which was postponed last month. Finally, the company reduced the offering to 8.75 million shares.
Terreno Realty is an internally managed, newly organized Maryland corporation focused on acquiring industrial real estate located in six major coastal U.S. markets. Terreno has no assets other than cash and has not commenced operations.
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by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com
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