Green Brick Partners, Inc. Announces Closing Of Common Stock Offering And The Repayment Of Its Term Loan Facility

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Jul 02, 2015, 08:47 ET

PLANO, Texas, July 2, 2015 /PRNewswire/ -- Green Brick Partners, Inc. (NASDAQ: GRBK) (the "Company") today announced the closing on July 1, 2015 of its underwritten public offering of 17 million shares of common stock at $10.00 per share. The net proceeds of the offering were approximately $165.6 million, after deducting underwriting discounts and estimated offering expenses.

On July 1, 2015, the Company applied approximately $154.9 million of the net proceeds of the offering to repay indebtedness outstanding under the Company's term loan facility with affiliates of Greenlight Capital, Inc. ("Greenlight"). Effective upon the receipt of such payment, all security interests in, and all liens held by Greenlight with respect to, the assets of the Company securing the amounts owed under the term loan facility were terminated and released. The Company intends to use the remaining net proceeds of the offering for working capital and general corporate purposes.

Credit Suisse and Citigroup acted as joint book-running managers and JMP Securities acted as co-manager for the offering. The Company granted the underwriters a 30-day option to purchase up to 841,500 additional shares of the Company's common stock.

The offering was made pursuant to a registration statement on Form S-3 (File No. 333-204687) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on June 22, 2015. A final prospectus supplement relating to the offering has been filed with the SEC. Copies of the final prospectus supplement related to the offering and accompanying prospectus may be obtained by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at (800) 221-1037 or by email at [email protected]; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, or by telephone at (800) 831-9146.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of 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. The offering of these securities was made only by means of the applicable prospectus supplement and accompanying prospectus.

About the Company:

Green Brick Partners, Inc. is a uniquely structured company that combines residential land development and homebuilding. The Company acquires and develops land, provides land and construction financing to its controlled builders and participates in the profits of its controlled builders. The Company owns a controlling interest in four homebuilding companies in Dallas, Texas (CB JENI Homes DFW LLC, Normandy Homes (a division of CB JENI), Southgate Homes DFW LLC, and Centre Living Homes, LLC), as well as a leading homebuilder in Atlanta, Georgia (The Providence Group of Georgia, L.L.C.). The Company is engaged in all aspects of the homebuilding process, including land acquisition and the development, entitlements, design, construction, marketing and sales and the creation of brand images at its residential neighborhoods and master planned communities.

Forward-Looking and Cautionary Statements

Any statements in this press release about Green Brick's expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance, that are not historical facts are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "outlook," "strategy," "positioned," "intends," "plans," "believes," "projects," "estimates" and similar expressions, as well as statements in the future tense. These statements are based on assumptions that Green Brick has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Accordingly, all such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Factors that could cause actual results to differ from those anticipated are discussed in the Company's annual and quarterly reports filed with the SEC. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements made by Green Brick, you should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date of this press release, and Green Brick undertakes no obligation to update any forward-looking statement to reflect events or circumstances after such date.

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SOURCE Green Brick Partners, Inc.