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Vereit Inc (NYSE:VER) has announced the conclusion of the public offering of its common stock. The firm managed to sell a total of 69,000,000 common stock units.

The public offering exercised the underwriters’ option to purchase additional shares of the common stock variety. The net proceeds that the company collected from the offering added up to about $702.8 million before the calculation of the expenses incurred in the offering. Vereit plans to use the proceeds from the offering to offset some of the outstanding debt from the senior secured term loan worth $300 million. Part of the proceeds will also be used to maintain pay back part of another credit facility which offered an unsecured loan of $3.3 billion.

The company announced the offering through a prospectus supplement that was dated May 6 this year to supplement Vereit’s prospectus. The offering was also filed as part of the firm’s effective shelf registration statement attached to the securities involved. The company also stated that the offer did not facilitate the sale of the common stock outside the jurisdiction stipulated by the securities law. The company also stated that the shares would only be sold through effective registration as indicated in the prospectus supplement

The underwriters in charge of the Vereit offering were Goldman Sachs Group Inc (NYSE:GS), Citigroup Inc (NYSE:C) and Barclays PLC (ADR) (NYSE:BCS). Vereit handles a diverse portfolio that includes office, restaurant, retail and industrial real estate spread out across 49 states in the US. The portfolio also extends to Canada, Puerto Rico and the District of Columbia. The company also manages real estate investments worth $7 billion for Cole Capital non-listed REITs.

The company’s impressive portfolio demonstrates the large scope of its business operations as well as rich clientele. As for Vereit’s performance, it recorded a negative net profit margin of -23.7% while its operating margin maintained at 0.10%. The recently concluded offering is expected to a positive impact on the firm’s performance as well as the investor outlook.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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