Green Brick Partners (GRBK) Prices 2M ADS Offering at $25/ADS

(NYSE: GRBK) Green Brick Partners, Inc., today announced the pricing of its underwritten registered public offering of 2,000,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $50.0 million before deducting underwriting discounts and other estimated offering expenses. The offering is expected to close on or about December 23, 2021, subject to customary closing conditions.

Each depositary share represents a 1/1000th fractional interest in a share of the Company’s 5.75% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”). The Company’s depositary shares are expected to begin trading on the NYSE under the symbol “GRBK PRA” within 30 business days of the closing date of this offering, if approved.
Dividends on the Series A Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 5.75% with liquidation preference equivalent to $25.00 per depositary share. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 300,000 depositary shares.
The Company expects to use the net proceeds of this offering for general corporate and working capital purposes, which may include expansion of the business, repayment of debt, and repurchases of its common stock under the Company’s authorized plan.

BTIG, LLC is acting as sole book-running manager for this offering. InspereX LLC and Janney Montgomery Scott LLC are acting as co-managers for this offering.

The offering of these securities is being made pursuant to an effective shelf registration statement on Form S-3 (333-250977), which was initially filed with the Securities and Exchange Commission (the “SEC”) on November 25, 2020 and declared effective by the SEC on December 4, 2020. The offering of these depositary shares will be made only by means of a prospectus and prospectus supplement.

A copy of the prospectus and prospectus supplement relating to these securities may be obtained, when available, from the website of the SEC at http://www.sec.gov or by contacting: BTIG, LLC, 65 East 55^th Street, New York, NY 10022, email: [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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.

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