NETSTREIT Corp.’s $203.6 Million Rights Offering

Vinson & Elkins LLP advised the underwriters on the deal.

NETSTREIT Corp. (the “Company”) announced that it has closed its previously announced public offering of 10,915,688 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $18.65 per share. Gross proceeds to the Company from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $203.6 million.

The Company intends to contribute the net proceeds of the offering to its operating partnership in exchange for Class A limited partnership units in the operating partnership, and the operating partnership intends to use approximately $13.0 million of the net proceeds to repay borrowings under the Company’s revolving credit facility that were drawn after December 31, 2020 to fund acquisitions of properties and the remainder for general corporate purposes, which may include acquisition of properties in the Company’s pipeline.

Wells Fargo Securities, BofA Securities, Jefferies and Stifel acted as the joint book-running managers and representatives of the underwriters for the offering. KeyBanc Capital Markets, BTIG and Truist Securities acted as joint book-running managers for the offering. Berenberg, Citigroup, Scotiabank, Capital One Securities, Regions Securities LLC and Roberts & Ryan acted as co-managers for the offering. Stifel served as capital markets advisor in connection with the offering.

NETSTREIT is a Real Estate Investment Trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide.

The V&E team was led by partners Daniel LeBey (Picture) and Chris Green with assistance from associates Bekah Briggs and Austin Scieszinski and senior staff attorney Ashton Harris. Providing tax advice on the deal was partner Chris Mangin, senior associate Paige Anderson and associate Christina McLeod.

 

Involved fees earner: Paige Anderson – Vinson & Elkins LLP; Bekah Briggs – Vinson & Elkins LLP; Christopher Green – Vinson & Elkins LLP; Ashton Harris – Vinson & Elkins LLP; Daniel LeBey – Vinson & Elkins LLP; Christopher Mangin Jr. – Vinson & Elkins LLP; Christina McLeod – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Bank of America Securities; Jefferies; Stifel Financial Corp.; Wells Fargo Securities;

Author: Martina Bellini