Spirit Realty Capital, which leases single tenant properties to the retail, service and distribution industries, announced terms for its IPO on Monday. The Scottsdale, AZ-based company plans to raise $460 million by offering 27.1 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Spirit Realty Capital would command a fully diluted market value of $1.3 billion. The company originally went public in 2004 before an LBO in 2007.
Spirit Realty Capital, which was founded in 2003 and booked $280 million in sales for the 12 months ended June 30, 2012, plans to list on the NYSE under the symbol SRC. The primary backers include the LBO sponsors, Macquarie, TPG-Axon and Isis, as well as the LBO lenders, GoldenTree, Davidson Kempner DKCM and Highland. Morgan Stanley, Macquarie Capital and UBS Investment Bank are the joint bookrunners on the deal.
