InvenTrust Properties Corp. announced on September 23, 2024, the pricing of an underwritten registered public offering of 8,000,000 shares of its common stock. The shares were priced at $28.00 per share, generating total gross proceeds of $224.0 million for the company. This offering is a significant capital raise for InvenTrust, demonstrating its ability to access public markets for funding.
As part of the offering, the underwriters were granted a 30-day option to purchase up to an additional 1,200,000 shares of common stock at the public offering price. The company anticipates the offering to officially close on September 25, 2024, subject to standard closing conditions.
InvenTrust intends to utilize the net proceeds from this offering for general corporate purposes. These purposes include funding the acquisition of additional properties, repaying short-term and long-term indebtedness, such as a $72.5 million loan with Bank of America, N.A., and amounts outstanding under its revolving credit facility, as well as providing for working capital needs. This capital infusion is expected to support the company's strategic growth initiatives and strengthen its financial position.
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