Green Brick Partners, Inc. Prices $50.0 Million Offering of Depositary Shares
17 December 2021 - 10:21AM
(NYSE: GRBK) Green Brick Partners, Inc., (the “Company”), today
announced the pricing of its underwritten registered public
offering of 2,000,000 depositary shares at an initial public
offering price of $25.00 per depositary share, raising gross
proceeds of $50.0 million before deducting underwriting discounts
and other estimated offering expenses. The offering is expected to
close on or about December 23, 2021, subject to customary closing
conditions.
Each depositary share represents a 1/1000th
fractional interest in a share of the Company’s 5.75% Series A
Cumulative Perpetual Preferred Stock (the “Series A Preferred
Stock”). The Company’s depositary shares are expected to begin
trading on the NYSE under the symbol “GRBK PRA” within 30 business
days of the closing date of this offering, if approved. Dividends
on the Series A Preferred Stock underlying the depositary shares
will be paid when declared by the Board at a fixed rate of 5.75%
with liquidation preference equivalent to $25.00 per depositary
share. In connection with the offering, the Company has granted the
underwriters a 30-day option to purchase up to an additional
300,000 depositary shares.The Company expects to use the net
proceeds of this offering for general corporate and working capital
purposes, which may include expansion of the business, repayment of
debt, and repurchases of its common stock under the Company’s
authorized plan.
BTIG, LLC is acting as sole book-running manager for this
offering. InspereX LLC and Janney Montgomery Scott LLC are acting
as co-managers for this offering.
The offering of these securities is being made pursuant to an
effective shelf registration statement on Form S-3 (333-250977),
which was initially filed with the Securities and Exchange
Commission (the “SEC”) on November 25, 2020 and declared effective
by the SEC on December 4, 2020. The offering of these depositary
shares will be made only by means of a prospectus and prospectus
supplement.
A copy of the prospectus and prospectus supplement relating to
these securities may be obtained, when available, from the website
of the SEC at http://www.sec.gov or by contacting: BTIG, LLC, 65
East 55th Street, New York, NY 10022, email:
ProspectusDelivery@btig.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Green Brick Partners,
Inc.
Green Brick Partners, Inc. is a diversified
homebuilding and land development company. Green Brick owns five
subsidiary homebuilders in Dallas, Texas (CB JENI Homes, Normandy
Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest
in Centre Living Homes), as well as a controlling interest in a
homebuilder in Atlanta, Georgia (The Providence Group) and an 80%
interest in a homebuilder in Port St. Lucie, Florida (GHO Homes).
Green Brick also owns a noncontrolling interest in Challenger Homes
in Colorado Springs, Colorado, and retains interests in related
financial services platforms, including Green Brick Title, Green
Brick Mortgage, and BHome Mortgage. The Company is engaged in all
aspects of the homebuilding process, including land acquisition and
development, entitlements, design, construction, marketing, and
sales for its residential neighborhoods and master-planned
communities. For more information about Green Brick Partners Inc.’s
subsidiary homebuilders, please visit
greenbrickpartners.com/homebuilders.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Act of 1995. These statements concern expectations, beliefs,
projections, plans and strategies, anticipated events or trends and
similar expressions concerning matters that are not historical
facts and typically include the words “anticipate,” “believe,”
“consider,” “estimate,” “expect,” “feel,” “intend,” “plan,”
“predict,” “seek,” “strategy,” “target,” “will” or other words of
similar meaning. Forward-looking statements in this press release
include statements regarding the terms and conditions and timing of
the offering, the intended use of proceeds and expected listing of
the depositary shares on the NYSE. These forward-looking statements
reflect the Company’s current views about future events and involve
estimates and assumptions which may be affected by risks and
uncertainties in its business, as well as other external factors,
which could cause future results to materially differ from those
expressed or implied in any forward-looking statement. These risks
include, but are not limited to, market conditions and the risk
that the offering cannot be successfully completed on the
anticipated terms, or at all, and that the depositary shares do not
meet the NYSE listing requirements. For a more detailed discussion
of these and other risks and uncertainties applicable to the
Company and the offering, please see the prospectus supplement
related to the offering and the Company’s most recent Annual Report
on Form 10-K filed with the Securities and Exchange Commission. The
Company undertakes no obligation to update the information
contained in this press release to reflect subsequently occurring
events or circumstances except as required by law.
For inquiries regarding Green Brick
Partners, Inc., please contact the following persons:
Investors Relation Contacts |
Media Contact |
Richard A. Costello, Chief Financial Officer |
Shalott Cecchini, Director of Marketing |
rcostello@greenbrickpartners.com |
scecchini@greenbrickpartners.com |
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