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Timberlands REIT CatchMark Timber Trust sets terms for $150 million IPO

Posted
11/22/2013 5:22:00 PM
By: Renaissance Capital
Referenced Stocks:CTT

CatchMark Timber Trust, a REIT engaged in the ownership and management of timberlands in the US, announced terms for its IPO on Friday. The Norcross, GA-based company plans to raise $150 million by offering 10.5 million shares at a price range of $13.50 to $15.00. At the midpoint of the proposed range, CatchMark would command a fully diluted market value of $334 million.

CatchMark Timber Trust, which was founded in 2005 and booked $55 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol CTT. Raymond James, Baird and Stifel are the joint bookrunners on the deal.