Phillips Edison signs equity distribution deal for up to $400 million at-the-market offering
PECO•Use of proceeds
Net proceeds are expected to support the operating partnership, including revolving credit facility repayment, acquisitions, general corporate purposes, or debt reduction.
Equity distribution agreement
Phillips Edison entered a sales agreement for an at-the-market equity program of up to $400 million of common stock.
Shares may be sold from time to time through agents on Nasdaq, in negotiated deals, or in block trades; sales-agent commissions are capped at 2%.
The program also allows forward sale agreements; the company initially receives no proceeds from borrowed shares sold for hedging.
