Regions Hampton Roads

Wheeler REIT completes private placement

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Virginia Beach-based Wheeler Real Estate Investment Trust Inc. has completed the private placement of $2.16 million of non-convertible senior notes and warrants to purchase shares of Wheeler common stock to 14 investors.

The notes have an aggregate principal amount of $2.16 million and bear interest of 9 percent per annum.

The warrants issued permit investors to purchase an aggregate 227,372 shares of Wheeler common stock at an exercise price of $4.75 per share. The stock closed at $4.45 a share on Wednesday.
The warrants have five-year terms and are not exercisable unless the company obtains shareholder approval for the transaction.

Wheeler completed the initial portion of this financing on Dec. 16 when it issued $10 million in 9 percent convertible and non-convertible senior notes and warrants to purchase an aggregate of 421,053 shares of Wheeler common stock to eight investors.

Wheeler intends to use the proceeds from these financings for property acquisitions and general working capital.

Maxim Group LLC acted as the lead placement agent and Newbridge Securities Corp. acted as co-placement agent for the financing.

Wheeler specializes in owning, acquiring, financing, developing, renovating, leasing and managing income-producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties.

Wheeler’s portfolio includes properties, primarily leased by national and regional retailers in the mid-Atlantic, Southeast and Southwest.


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