NexPoint Completes Acquisition of Jernigan Capital, Outlines Growth Plan for NexPoint Storage Platform
DALLAS , Nov. 10, 2020 |PRNewswire| -- NexPoint Advisors, L.P. (together with its affiliates "NexPoint" ) announced today the completion of NexPoint's previously announced acquisition of Jernigan Capital, Inc. ("JCAP") in an all-cash transaction valued at approximately $900 million , including debt and preferred stock to be assumed or refinanced. JCAP will change its corporate name to NexPoint Storage Partners and will do business under that corporate name going forward. Holders of JCAP common stock and holders of units of operating company interests in Jernigan Capital Operating Company, LLC received $17.30 per share|unit in cash, and holders of JCAP Series B preferred stock received $25.00 per share, which is the liquidation preference per share of Series B preferred stock, plus accrued dividends to the closing date. Upon closing the transaction, JCAP's common stock and Series B preferred stock have been delisted and have ceased trading on the New York Stock Exchange. Upon closing of the transaction, shares of Series A preferred stock of JCAP owned by NexPoint were converted into JCAP common stock.
NexPoint Completes Acquisition of Jernigan Capital, Outlines Growth Plan for NexPoint Storage Platform
DALLAS , Nov. 10, 2020 |PRNewswire| -- NexPoint Advisors, L.P. (together with its affiliates "NexPoint" ) announced today the completion of NexPoint's previously announced acquisition of Jernigan Capital, Inc. ("JCAP") in an all-cash transaction valued at approximately $900 million , including debt and preferred stock to be assumed or refinanced. JCAP will change its corporate name to NexPoint Storage Partners and will do business under that corporate name going forward. Holders of JCAP common stock and holders of units of operating company interests in Jernigan Capital Operating Company, LLC received $17.30 per share|unit in cash, and holders of JCAP Series B preferred stock received $25.00 per share, which is the liquidation preference per share of Series B preferred stock, plus accrued dividends to the closing date. Upon closing the transaction, JCAP's common stock and Series B preferred stock have been delisted and have ceased trading on the New York Stock Exchange. Upon closing of the transaction, shares of Series A preferred stock of JCAP owned by NexPoint were converted into JCAP common stock.