SCOTTSDALE, AZ - January 30, 2004 - BUSINESS WIRE
Spirit Finance Corp. announced today the completion of a $360,000,000 private offering of shares of its common stock. The offering was priced at $10.00 per share. A total of 36,000,000 shares were placed. Banc of America Securities LLC. Spirit intends to use the net proceeds of the offering to invest in a diversified portfolio of single tenant, free-standing commercial real estate. The company concurrently closed on a $38 million sale-leaseback transaction with Flying J Inc., the nation's largest operator of interstate travel plazas.
Spirit Finance Corp., headquartered in Scottsdale, Ariz., has elected to be taxed as a real estate investment trust (REIT). The company primarily provides sale-leaseback financing and, to a limited extent, construction, mortgage and equipment loans, to the nation's largest owners of free-standing retail, distribution and service-oriented real estate. The sectors targeted by the company include auto dealerships, auto parts stores and service facilities, beverage distributors, discount retailers, interstate travel plazas, pharmacies, restaurants and supermarkets.
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Friday, January 30, 2004
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