CareTrust REIT Launches Stock Offering Managed by Morgan Stanley and Bank of America
What happened
CareTrust REIT, Inc. announced it has commenced an underwritten public offering of 17,000,000 shares of common stock. Morgan Stanley and Bank of America are acting as book-running managers for the offering, which also includes J.P. Morgan and Wells Fargo Securities. CareTrust expects to enter into forward sale agreements with Bank of America, N.A. and Morgan Stanley. The underwriters have a 30-day option to purchase up to an additional 2,550,000 shares.
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Why it matters
The offering allows CareTrust REIT to raise capital through the sale of its common stock. The involvement of Morgan Stanley and Bank of America as managers reflects their active competition and influence within the financial services market.
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Who's involved
- Morgan StanleyBook-running manager for the CareTrust REIT stock offering.
- Bank of AmericaBook-running manager and forward purchaser in the CareTrust REIT offering.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Bank of AmericaSpeculative
Bank of America could gain revenue from its direct role as book-running manager and forward purchaser.
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The entities involved
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Morgan Stanley
U.S. investment bank
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Bank of America
American multinational banking and financial services corporation