Tuesday, April 02, 2013
The Other Cole Merger
Cole Credit Property Trust II (CCPT II) and Spirit Realty Capital (Spirit) filed their joint proxy / prospectus this morning. I am not going to read all several hundred pages, but I did read that the merger is still on track for a third quarter close and the initial ratio of .525 shares of Spirit stock for each share of CCPT II share is still in place. Spirit's stock closed yesterday at $18.99 per share and this morning is back over $19.00 per share. For those keeping score, Spirit stock needs to trade at or above $19.04 per share for a CCPT II investor to receive their original $10.00 per share CCPT II investment. Spirit's stock has traded above $19.04 for the majority of the time since the merger announcement in late January. CCPT II raised $2.3 billion in investor equity and had total assets of $3.29 billion at December 31, 2012.