Four Springs Capital Trust Withdraws IPO Due to “Unfavorable Market Conditions”

Four Springs Capital Trust, a private real estate investment trust, has canceled its $115.9 million initial public offering due to “unfavorable market conditions,” according to a filing with the Securities and Exchange Commission.

As reported by The DI Wire last month, Four Springs’ IPO of 5.6 million common shares was declared effective by the SEC and was set to list its shares on the NYSE under the ticker symbol “FSPR.” Shares were expected to be sold between $17.00 and $19.00 each.

Four Springs cited “unfavorable market conditions” as the reason for withdrawing its registration statement noting that the withdrawal is consistent with the public interest and the protection of investors. As such, the company said that it will not proceed with the public offering at this time and that no securities have been sold or will be sold pursuant to the registration statement.

The company requested that all fees paid to the SEC in connection with the registration statement filing be credited back for future use.

RBC Capital Markets and SunTrust Robinson Humphrey are the joint book-running managers of the offering, while BB&T Capital Markets, Capital One Securities, Ladenburg Thalmann, Wunderlich, Sandler O’Neill + Partners, L.P. and Boenning & Scattergood, Inc. are co-managers of the offering.

Four Springs Capital Trust invests in single-tenant, retail, industrial, medical and other office properties throughout the United States that are leased to tenants with remaining lease terms of 10 years or more. As of March 31, 2017, the REIT owned or had interest in a $188 million portfolio of 48 properties that was 100 percent leased to 23 tenants.

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