Stock News Buzz: MGM Growth Properties LLC (NYSE:MGP)

On Wednesday MGM Growth Properties LLC (NYSE:MGP) stock traded volume of 16905213 shares during its last trading session as compared to its average volume of 722338 shares over the recent month. MGP ended its day with the down stream along the move of -4.09% and closed at the price of $31.16 before opening at $31.35. It has total market capitalization is $2985346105. 52week range of the stock remained $ 25.5 – 33.3 while its day lowest price was $31.04 and its hit its day highest price at $31.51.

On Nov. 20, 2019, MGM Growth Properties LLC (NYSE:MGP) released that it has priced its previously announced underwritten public offering of 30,000,000 Class A shares (the shares) at a public offering price of $31.25 per share. The Company will issue and sell 18,000,000 shares directly to the underwriters at closing and the underwriters will purchase, at the request of the Company, 12,000,000 shares from the forward purchasers (or their affiliates) under the forward sale agreements (in each case, as described below). The Company expects to receive net proceeds from the sale of the 18,000,000 shares sold directly to the underwriters of $540.8 million, or $676.1 million if the underwriters exercise their overallotment option to purchase additional shares in full. As part of the offering, the Company also granted the underwriters a 30-day overallotment option to purchase up to an additional 4,500,000 shares from the Company. The 30,000,000 shares represented an increase of 6,000,000 shares from the original offering size of 24,000,000 shares.  The offering is expected to close on November 22, 2019, subject to customary closing conditions.

The Company has entered into forward sale agreements with each of J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and BofA Securities (or their respective affiliates) (who are referred to in this capacity as the forward purchasers) with respect to 12,000,000 shares. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 12,000,000 shares that will be delivered in the offering.

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