AVENTURA, Fla., Jan. 16, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) ("Trade Street" or the "Company") announced today the completion of its previously announced $150 million recapitalization. The recapitalization transaction consisted of an offering of 15,797,788 shares of common stock at $6.33 per share to the holders of subscription rights granted to Trade Street's existing stockholders (the "Rights Offering") and a concurrent $50 million private placement (the "Private Placement") of shares of common stock to certain affiliates of Senator Investment Group LP (collectively, "Senator") at $6.33 per share. In addition, Senator had agreed to purchase all shares not purchased by holders of rights in the Rights Offering (the "Backstop Commitment"). Michael Baumann and David Levin, Trade Street's Chairman and Chief Executive Officer and President and Vice Chairman, respectively, agreed to purchase an aggregate of approximately $1.8 million of common stock in private placement concurrently with the closing of the Rights Offering.
Trade Street Residential Announces Successful Completion Of $150 Million Recapitalization
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts